by Christopher Freeburn | February 22, 2013 11:18 am
Regulatory filings by Citigroup (NYSE:C) reveal that its CEO, Michael Corbat, was paid $11.5 million last year. That was less than the $15 million in compensation than former CEO Vikram Pandit had been slated to receive before shareholders rejected the package and he was ultimately forced to resign last year, CNN noted.
After Pandit’s ouster, the bank restructured its executive compensation plans, replacing deferred cash bonuses with share grants based on performance. Executives will receive those shares in 2015 depending on shareholder returns compared against rival banks.
Performance stock awards comprised $3.1 million in Corbat’s 2012 compensation. However, he also received a $4.2 million cash bonus. As CEO, Corbat has announced plans to lay off 11,000 bank workers to cut costs. Citigroup shares have rise 15% since he replaced Pandit.
Other bank CEOs are also seeing smaller compensation packages. JPMorgan Chase‘s (NYSE:JPM) CEO James Dimon saw his 2012 compensation slashed 53% due to billions of dollars in losses from rogue trades at the bank’s London office.
Pandit received $6.7 million in 2012 compensation from Citigroup.
Citigroup shares rose fractionally in Friday morning trading.
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