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Bloomberg
Citigroup Inc kept Chief Executive Officer Michael Corbat’s total compensation at $24 million for last year, when the lender’s stock surged.
Corbat got $1.5 million in salary and $22.5 million of incentive awards, consisting of cash and restricted stock, the New York-based bank said in a regulatory filing. The 59-year-old CEO, who’s led the bank since 2012, reassigned many of his deputies last year after the departures of several top executives.
Citigroup kept a tight lid on expenses in 2019 as the firm sought to improve profitability and returned more than $20 billion of capital to shareholders. Expenses climbed just 0.4% while revenue increased 2%.
The lender’s stock rose 53% in 2019, the best performance in the 24-company KBW Bank Index.
Corbat named Jane Fraser the bank’s president last year, and put her in charge of the consumer business after the departures of Jamie Forese and Stephen Bird. Mark Mason was also promoted to become chief financial officer after his predecessor, John Gerspach, left the bank.