WASHINGTON (dpa-AFX) - Citigroup Inc (C) raised its Chief Executive Michael Corbat's total compensation by 27 percent in 2015.
The company disclosed in a regulatory filing that on February 16, 2016, the Personnel and Compensation Committee of the Board of Directors of Citigroup approved incentive compensation awards for 2015 performance to CEO Michael Corbat and other senior executives.
The Committee determined that Corbat's annual compensation for 2015 is $16.50 million. He earned $13 million in 2014.
In making this decision, the Committee considered Citi's solid operating performance in 2015 and progress towards Citi's financial targets and the execution priorities . Corbat has established. Specifically, the $17.2 billion in net income was the highest since 2006.
Corbat's annual compensation for 2015 consists of salary of $1.50 million and variable compensation of $15 million. Sixty percent, or $9 million, of the variable compensation is deferred and consists of $4.50 million in deferred stock awarded under Capital Accumulation Program or CAP and $4.50 million in performance share units or PSUs. The remainder of the variable compensation consists of an immediately payable cash award of $6 million (40%).
Separately, Bloomberg reported that Citigroup Inc. plans to exit retail banking in Argentina and Brazil, where the company has maintained operations for more than 100 years.
The bank won't be exiting any lines of business in the institutional division as part of the new moves, the reports said.
Copyright RTT News/dpa-AFX