FILE - In this Nov. 7, 2011 file photo, Vikram Pandit, CEO of CitiGroup, speaks at the Securities Industry and Financial Markets Association annual meeting, in New York. Citigroup has paid its former CEO Pandit, who resigned abruptly in October 2012, a bonus of $6.7 million for work he did for the bank this year. (AP Photo/Mark Lennihan, File)
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FILE - In this Nov. 7, 2011 file photo, Vikram Pandit, CEO of CitiGroup, speaks at the Securities Industry and Financial Markets Association annual meeting, in New York. Citigroup has paid its former CEO Pandit, who resigned abruptly in October 2012, a bonus of $6.7 million for work he did for the bank this year. (AP Photo/Mark Lennihan, File)
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This Tuesday, Oct. 16, 2012, photo, shows the Citibank Building in New York. Citigroup reported earnings that are below Wall Street's expectations as the bank's legal expenses climb on Thursday, Jan. 17, 2013. Citi earned $1.2 billion after paying preferred dividends, or 38 cents per share, in the three months ended Dec. 31. That compares with $933 million, or 31 cents per share, in the same period a year earlier. (AP Photo/Mark Lennihan)
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In this Thursday, Jan. 10, 2013, photo, specialist Edward Zelles works on the floor of the New York Stock Exchange. Wall Street futures were mostly flat in world markets prior to the opening bell Friday Jan. 11, 2013. (AP Photo/Richard Drew)
Citigroup pays new CEO Corbat $12.4M in 2012
NEW YORK (
AP) —
Citigroup awarded its new CEO,
Michael Corbat, a total of $12.4 million last year.
That's 17 percent less than the $14.9 million his predecessor, Vikram Pandit, received in 2011. But Corbat, who replaced Pandit in October, was only in the top job for three months last year.
Citigroup paid Pandit a total of $9.5 million in 2012. Before replacing him, Corbat had been CEO of Citi's Europe, Middle East and Africa division.
The $12.4 million in compensation was what Corbat received for the entire year, according to Citigroup's regulatory filing. His pay package included $1.05 million in salary, a cash bonus of $2.09 million, stock awards valued at $2.25 million and non-equity incentives totaling $5.22 million.
Corbat also received $1.22 million in reimbursements for taxes, along with $223,177 in housing benefits and $185,713 for a cost of living allowance. Citigroup's regulatory filing explains that these benefits were a result of the bank assigning Corbat, a New York employee, to work in London from January to October.
Once the country's biggest bank, Citigroup struggled through the financial crisis and now ranks third behind JPMorgan Chase and Bank of America. On Thursday, the Federal Reserve said Citigroup passed its annual checkup, a "stress test" to measure how a bank would fare in a recession. It cleared Citigroup to buy back $1.2 billion of its own stock.
AP's calculation of compensation counts salary, bonuses, perks, as well as stock and options awarded to executives during the year. The tally excludes changes in the value of pension benefits, and sometimes differs from the total compensation that companies list in their regulatory filings.
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