Weekend Economists (Heart) the 4th Estate February 22-24, 2014

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21. Citigroup Awards CEO Corbat $14.4 Million for 2013

http://www.bloomberg.com/news/2014-02-20/citigroup-awards-corbat-14-4-million-for-2013.html

Citigroup Inc. (C), the third-largest U.S. bank, boosted Chief Executive Officer Michael Corbat’s compensation 25 percent to about $14.4 million for 2013, his first full year running the company.

He got 78,528 deferred shares valued at $3.88 million, based on the closing price Feb. 18, according to a filing yesterday to the U.S. Securities and Exchange Commission. He received about $5.17 million in a cash bonus, $3.88 million of performance share units and a $1.5 million salary, based on the bank’s description of his compensation plan last year.

Citigroup’s profit jumped 84 percent to $13.9 billion last year as Corbat, 53, boosted revenue and cut costs. The CEO’s package compares with $20 million for JPMorgan Chase & Co.’s Jamie Dimon and $14 million for Bank of America Corp.’s Brian T. Moynihan. Goldman Sachs Group Inc. gave Lloyd C. Blankfein $23 million, and hasn’t said yet whether he will get a long-term incentive granted in past years.

Corbat, who was named CEO in October 2012 after running the bank’s European operations, collected $11.5 million in total compensation for that year when the New York-based firm’s stock price rose 50 percent. Because of his split duties that period, his pay for 2013 may not be directly comparable to the earlier figures.