NEW YORK: Citigroup Inc said late on Friday that outgoing Chief Executive Officer Mike Corbat’s compensation for 2020 would be $19 million, a 21% decrease from 2019, according to a regulatory filing.
Company directors reduced Corbat’s incentive pay for his failures to efficiently address the risk and control concerns of regulators, the bank said in a filing.
In October, the bank agreed to pay a $400 million penalty and draw up a sweeping remediation plan after US regulators identified “several longstanding deficiencies” and operational lapses following an “error” that caused the bank to mistakenly distribute nearly $1 billion of its own funds.
Shortly after, the bank announced Corbat would retire earlier than expected and the bank would boost investment in its operational systems by $1 billion.
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