Citigroup CEO Michael Corbat's pay remains at $24M
Corbat had received a 4.35% raise in 2018
Citigroup CEO Michael Corbat's pay stayed at $24 million in 2019 as the company reported rising profits in the last quarter of the year, according to a regulatory filing.
Corbat took home a $1.5 million base salary, cash bonuses of $6.75 million and nearly $16 million in deferred compensation, according to a Securities and Exchange Commission filing from Friday. He had received a 4.35 percent raise in 2018.
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His pay compares to $27 million for Morgan Stanley CEO James Gorman and $31.5 million for JPMorgan Chase CEO Jamie Dimon. Dimon received a pay raise of just half a million dollars in 2019, a much smaller amount than his pay bump in 2018.
Corbat's static pay comes as companies are seeing an increase in CEO departures, including highly publicized exits like those of Steve Easterbrook of McDonald's and Kevin Burns of Juul.
Michael Corbat, CEO of Citigroup, speaks during the Bloomberg Global Business Forum in New York City, New York, U.S., September 25, 2019. REUTERS/Shannon Stapleton
Citigroup's fourth-quarter profits rose by 15 percent, as the banking conglomerate benefited from a boost in trading similar to competitor JPMorgan Chase.
The New York-based bank said Tuesday that it earned a profit of $4.98 billion, or $2.15 per share, compared with a profit of $4.3 billion, or $1.65 per share, in the same period a year earlier. The results topped analysts’ expectations for a profit of $1.81 a share, according to FactSet.
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For the full year, Citi had a profit of $19.4 billion, up from $18.05 billion in 2018. Revenue at the bank was $74.29 billion compared with $72.85 billion a year before.
The Associated Press contributed to this report.