Mike Corbat, chief executive of Citigroup, earned $24m in total compensation for 2018, $1m more than the year before. That pay raise, at under 5 per cent, was less than the boosts received by the bosses of other Wall Street banks.
In awarding the sum, the compensation committee of Citi’s board noted the bank’s 2018 net income of $18bn, a year-on-year increase of 14 per cent adjusted for the impact of President Donald Trump’s tax cut. The banks also returned over $18bn in capital to shareholders via dividends and share repurchases.
Citigroup shares fell by 30 per cent in 2018.
Mr Corbat’s pay package places him ahead of Goldman Sachs’s David Solomon, who earned $23m last year, but only served part of the year as chief executive. Jamie Dimon of JPMorgan Chase earned $31m, up 5 per cent; James Gorman of Morgan Stanley earned $29m, up 7 per cent; Brian Moynihan of Bank of America earned $26.5m, up 15 per cent.
Mr Corbat’s package consisted of a $1.5m salary — unchanged from the year before — a $6.5m cash bonus, $7.5m in deferred stock that will vest over four years, and $7.5m in share units that will vest over three years depending on the performance of the bank, as measured by return on common equity and earnings per share.