Citigroup Inc kept its Chief Executive Officer Michael Corbat's 2019 compen...
FILE PHOTO - Michael Corbat, CEO of Citigroup, speaks during the Bloomberg Global Business Forum in New York City, New York, U.S., September 25, 2019. REUTERS/Shannon Stapleton
- Citigroup Inc kept its Chief Executive Officer Michael Corbat’s 2019 compensation unchanged at $24 million, according to a regulatory filing on Friday. Corbat's total compensation included a base salary of $1.5 million plus cash bonuses of about $6.75 million, equity awards of nearly $7.9 million, and a long-term performance based pay worth $7.9 million.
Members of the board considered the bank’s 2019 operating performance, market levels of pay for the CEO role at peer institutions, and Corbat’s leadership while deciding his compensation, according to the filing.Though the biggest U.S. banks largely reported a year of strong top and bottom line growth, executive compensation remained subdued as bank boards have become more cost-conscious reflecting a weaker revenue outlook.
Morgan Stanley’s board made the rare move of cutting CEO James Gorman’s pay by 7% to $27 million for 2019 in an effort to reduce expenses.
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