Citi raises CEO Corbat's pay by 27 percent in 2015

Thu Feb 18, 2016 5:53pm EST
 
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(Reuters) - Citigroup Inc (C.N: Quote) raised Chief Executive Michael Corbat's pay by an estimated 27 percent in 2015, a year in which the bank's profit more than doubled.

Corbat earned an estimated $16.5 million in 2015, including deferred shares worth about $4.5 million. He earned $13 million in 2014.

Deferred stock makes up about 30 percent of Corbat's bonus pay under Citi's executive compensation plan, which was overhauled three years ago amid shareholder pressure.

Citi's net income more than doubled to $17.2 billion in 2015, its highest since 2006, as Corbat works through his plan to exit businesses where profits and prospects are not worthwhile.

Chief Financial Officer John Gerspach's total compensation for 2015 rose about 20 percent to $9 million, the disclosures indicate.

James Forese, chief executive of Citi's Institutional Clients Group, was paid $16 million, up 18.5 percent from a year earlier.

Citigroup joined two of Wall Street's marquee investment banks in raising its chief executive's pay for the year

Bank of America Corp (BAC.N: Quote) raised Chief Executive Brian Moynihan's pay by 23 percent in 2015. JPMorgan & Co (JPM.N: Quote) Chief Executive Jamie Dimon earned $27 million in 2015, up 35 percent from a year earlier.

However, two other banks cut the pay of their top bosses due to concerns of a global economic slowdown and falling oil prices.   Continued...

 
Michael L. Corbat arrives at the Planalto Palace before a meeting with Brazil's President Dilma Rousseff in Brasilia April 9, 2013. REUTERS/Ueslei Marcelino