NEW YORK, N.Y. – Citigroup awarded its new CEO, Michael Corbat, a total of $12.4 million last year.
That’s 17 per cent 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 totalling $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.