(Reuters) – Citigroup Inc (C.N) kept its Chief Executive Officer Michael Corbat’s 2019 compensation unchanged at $24 million, according to a regulatory filing on Friday.
Corbat’s total compensation included a base salary of $1.5 million plus cash bonuses of about $6.75 million, equity awards of nearly $7.9 million, and a long-term performance based pay worth $7.9 million. (bit.ly/2uPC4Jd)
Members of the board considered the bank’s 2019 operating performance, market levels of pay for the CEO role at peer institutions, and Corbat’s leadership while deciding his compensation, according to the filing.
For 2019, Citigroup reported returns on tangible common equity of 12.1%, beating its 12% target.
Though the biggest U.S. banks largely reported a year of strong top and bottom line growth, executive compensation remained subdued as bank boards have become more cost-conscious reflecting a weaker revenue outlook.
Morgan Stanley’s (MS.N) board made the rare move of cutting CEO James Gorman’s pay by 7% to $27 million for 2019 in an effort to reduce expenses.
Bank of America Corp (BAC.N) CEO Brian Moynihan’s pay package was flat from a year ago and JPMorgan Chase & Co’s (JPM.N) board gave CEO Jamie Dimon just a half-million-dollar raise, following a $2 million dollar raise the year before.
A year earlier, Corbat enjoyed a 4.35% raise, bringing his total compensation for 2018 to $24 million. In 2018, the bank exceeded its goal for returns on investment but fell short of its efficiency target due to revenue pressure at the end of the year.
Reporting by Imani Moise in New York and Trisha Roy in Bengaluru; Editing by Shailesh Kuber