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Citigroup CEO Corbat gets 27 pct pay hike in 2015
March 16, 2016 / 11:15 PM / 2 years ago

Citigroup CEO Corbat gets 27 pct pay hike in 2015

(Reuters) - Citigroup Inc (C.N) raised Chief Executive Michael Corbat’s pay by about 27 percent in 2015, a year in which the bank’s profit more than doubled.

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

Corbat earned about $16.5 million last year, compared with $13 million in 2014, according to the compensation approved by Citi’s board.

Wells Fargo & Co (WFC.N), the No. 3 U.S. bank by assets, paid Chairman and Chief Executive John Stumpf $19.3 million in 2015, unchanged from 2014.

Stumpf’s pay mirrored the performance of Wells Fargo’s stock, which was almost flat at the end of 2015 compared with the previous year.

Citi’s stock fell about 4.3 percent in 2015.

Both Stumpf and Corbat earned less than JPMorgan Chase & Co’s (JPM.N) Jamie Dimon. The chief executive of the largest U.S. bank by assets saw his 2015 pay was hiked by 35 percent to $27 million.

Bank of America Corp (BAC.N) Chief Executive Brian Moynihan’s total compensation was $16 million for 2015, up from $13 million for 2014.

Citi’s Chief Financial Officer John Gerspach’s total compensation for 2015 rose about 20 percent to $9 million, the bank said.

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.

The Wall Street bank’s board approved larger packages for its key executives even as the company continues to aggressively cut costs elsewhere by exiting less profitable markets and businesses.

Total expenses at Citi fell more than 20 percent in 2015.

Reporting by Sudarshan Varadhan in Bengaluru; editing by Anil D'Silva, G Crosse

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