Citigroup Reduces Michael Corbat’s Pay to $19 Million for 2020

Citigroup Inc. reduced the compensation of outgoing Chief Executive Officer Michael Corbat by 21% to $19 million for 2020, a year in which regulators sanctioned the lender over its internal controls.

Corbat, who is ceding the CEO job to Jane Fraser, was granted stock awards totaling about $12.3 million; a cash bonus of $5.3 million and a $1.5 million salary, the New York-based bank said Friday in a filing.

The board cited consent orders from the Federal Reserve and the Office of the Comptroller of the Currency for failings with the firm’s technology infrastructure and internal controls. Citigroup has vowed to rectify the problems, with Fraser leading much of the remediation effort.

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