Citi reduces Corbat’s pay to $19m for 2020

Bloomberg

Citigroup Inc. reduced the compensation of outgoing Chief Executive Officer (CEO) Michael Corbat by 21% to $19 million for 2020, a year in which regulators sanctioned the lender over its internal controls.
Corbat, who is ceding CEO job to Jane Fraser, was granted stock awards totaling about $12.3 million; a cash bonus of $5.3 million and a $1.5 million salary, the New York-based bank said in a filing.
The board cited consent orders from the Federal Reserve and the Office of the Comptroller of the Currency for failings with the firm’s technology infrastructure and internal controls. Citigroup has vowed to rectify the problems, with Fraser leading much of the
remediation effort.
Citi also cited consent orders from the Federal Reserve and the Office of the Comptroller of the Currency for failings of technology infrastructure and internal controls.
Citigroup will cut bonuses for dozens of its top executives after the reprimands by
regulators, Bloomberg News
reported last month.
The biggest US banks have been frugal on pay as strains on the consumer divisions counter a windfall from Wall Street dealmaking and trading.