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

The Pak Banker - - COMPANIES/BOSS -

NEW YORK: Cit­i­group Inc 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) raised Chief Ex­ec­u­tive Brian Moynihan's pay by 23 per­cent in 2015. JPMor­gan & Co (JPM.N) 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. Mor­gan Stan­ley cut Chief Ex­ec­u­tive James Gor­man's over­all pay by 7 per­cent to $21 mil­lion in 2015, while Gold­man Sachs Group Inc coun­ter­part Lloyd Blank­fein's pay de­clined 4 per­cent to $23 mil­lion. The pay­out for Cor­bat and a few other ex­ec­u­tives can be es­ti­mated from reg­u­la­tory fil­ings made by the banks, and a pay for­mula that Cit­i­group has pre­vi­ously dis­closed.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.