Cit­i­group CEO Cor­bat gets 27pc pay hike in 2015

The Pak Banker - - FRONT PAGE -

Cit­i­group Inc raised Chief Ex­ec­u­tive Michael Cor­bat's pay by about 27 per­cent in 2015, a year in which the bank's profit more than dou­bled. 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, 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 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 20pc to $9 mil­lion, the bank said.

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