Feb 20 Citigroup Inc Chief Executive
Michael Corbat received a 23 percent pay rise in 2013, his first
full year after replacing Vikram Pandit at the helm, a
regulatory filing on Thursday showed.
Corbat earned an estimated $14.1 million in 2013 under
Citi's executive pay structure, which the company overhauled
last year amidst shareholder pressure. He had received a salary
of $11.5 million in 2012.
According to the regulatory filing, Corbat received deferred
stock worth about $3.78 million based on the stock's Thursday
The deferred stock makes up 30 percent of Corbat's bonus pay
under the new compensation plan. He is paid $1.5 million in base
Corbat's 2013 pay is roughly in line with Bank of America
Corp's chief, whose salary details were disclosed in a
filing on Wednesday.
JPMorgan Chase & Co's Jamie Dimon received about $20
million for 2013, including $18.5 million of restricted stock.
Citi, the third-largest U.S. bank, posted
weaker-than-expected fourth-quarter results last month, as
lackluster bond-trading results weighed on overall revenue.