Citigroup Lifts Corbat’s Compensation 48% to $23 Million for ’17

(Bloomberg) -- Citigroup Inc. Chief Executive Officer Michael Corbat received $23 million in compensation for 2017, a 48 percent increase from a year earlier and the biggest pay package he’s received since taking the top job.

Corbat, 57, got a $1.5 million salary and a $21.5 million incentive award, the bank said Friday in a regulatory filing. The incentive consisted of a $6.45 million cash bonus and equity worth $15.1 million, half of which is linked to performance while the remainder vests over time regardless of the firm’s results.

Related: Blankfein’s pay trails rivals’ again

Citigroup said revenue climbed to $71.4 billion last year as higher interest rates boosted performance in the U.S. Still, the nation’s fourth-biggest bank by assets posted a $6.2 billion loss in 2017 after it booked a larger-than-forecast charge of $22 billion to adjust to the U.S. tax overhaul. Shares of the New York-based lender rose 25 percent last year, outpacing the 16 percent advance for the 24-company KBW Bank Index.

JPMorgan Chase & Co. CEO Jamie Dimon got $29.5 million for last year, a 5.4 percent jump, while Morgan Stanley lifted chief James Gorman’s compensation 20 percent to $27 million.  Goldman Sachs Group Inc. boosted Lloyd Blankfein’s pay 9 percent to $24 million and Bank of America Corp.’s Brian Moynihan got $23 million, a 15 percent increase.

To contact the reporters on this story: Anders Melin in New York at amelin3@bloomberg.net, Jenny Surane in New York at jsurane4@bloomberg.net.

To contact the editors responsible for this story: Alicia Ritcey at aritcey@bloomberg.net, David Scheer, Steven Crabill

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