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Citigroup (C) CEO's Compensation for 2020 Reduced by 21%
Citigroup’s (C - Free Report) CEO Michael L. Corbat received a 20.7% cut in his total compensation package for 2020. The decision has been taken based on the negative impact of the pandemic on global economic conditions and the company’s involvement in certain legal matters during the year.
The CEO’s pay package of $19 million includes a base salary of $1.5 million, cash bonus of $5.26 million, equity awards of about $6.1 million and a long-term performance-based pay of $6.1 million for 2020.
The company’s net income declined 41.2% to $11.4 billion in 2020, whereas, the bank reported revenues of $74.3 billion, stable year over year.
Per the filing, Corbat received lower package due to failures in his risk and control measures, as reflected by the consent orders that Citigroup entered into in 2020 with the Federal Reserve and the Office of the Comptroller of the Currency.
Following the news of the consent order, the company announced plans for early retirement of Corbat, who will be succeeded by Jane Fraser, CEO of the consumer banking division.
Among other banking giants, Wells Fargo (WFC - Free Report) has reduced CEO Charles Scharf’s package by 11.7% from the prior-year level, after the bank reported an 83% fall in net income. Also, Goldman Sachs (GS - Free Report) has announced a $10 million reduction. Also, recently, Bank of America (BAC - Free Report) decided to cut CEO Brian Moynihan's pay by 7.5% to $24.5 million due to the impact of pandemic.
Citigroup’s share price gained 23.8% in the year compared with 34.1% growth registered by the industry.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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