Citi Paid CEO $24 Million -- WSJ
By Patrick Thomas
Citigroup Inc. Chief Executive Michael Corbat received a compensation package valued at $24 million in 2018, a 4% raise from the $23 million he earned in the prior year, according to a securities filing Friday.
For the year, he earned a base salary of $1.5 million, unchanged from the prior year, and a $6.75 million cash bonus, up from the $6.45 million in 2017, according to the filing with the Securities and Exchange Commission. The rest of his pay package is made up of about $7.88 million in equity awards and a long-term performance-based pay worth $7.88 million.
In determining Mr. Corbat's pay, Citi said it considered the steady progress it made in 2018 toward reaching its financial goals.
For 2018, Citi reported net income of $18 billion on revenues of $72.9 billion, compared with a loss of $6.8 billion $72.4 billion in revenue in 2017. Excluding expenses related to the 2017 tax reform in both periods, the company said its net income rose 14% in 2018 from the prior year.
Several other big-bank chiefs received raises in 2018. JPMorgan Chase & Co. boosted James Dimon's pay 5% to $31 million, Morgan Stanley raised James Gorman's compensation 7% to $29 million, and Bank of America Corp. increased Brian Moynihan's pay 15% to $26.5 million.
Mr. Corbat was the 10th-highest-paid banking and finance CEO of the 43 in the S&P 500 in 2017, according to a Wall Street Journal analysis of pay data from MyLogIQ LLC.
In the bank's most recent quarter, Citigroup's profit was $4.3 billion compared with a loss of $18.9 billion a year earlier, when it took a large one-time charge related to tax reform. Overall revenue at the bank was $17.1 billion, down 2% from a year ago.
Citi also said Friday that Mark Mason, 49 years old, will take over as the bank's chief financial officer effective Feb. 23. The company said last year that John Gerspach would retire after a nearly 10-year run as the finance chief. Mr. Mason was previously the finance chief of Citigroup's Institutional Clients Group.