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The Ticker

Citi CEO to get $17.6M compensation for 2013

Shareholder vote one week after worst quarter ever

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Citigroup (C) shareholders are paying CEO Mike Corbat $17.6 million for his work in 2013, MarketWatch reports, making him one of the exceptions that proves the rule.

This comes after Citi had one of its worst quarters ever, despite beating analyst expectations.

Citi recorded a first quarter net income of $3.9 billion, or $1.23 per share, on revenues of $20.1 billion, a slight change from $3.8 billion, or $1.23 per share, on revenues of $20.2 billion for the same period a year ago.

The bank reported a net loss of $284 million compared to loss of $804 million a year ago as improving housing conditions pushed credit losses down by 44%.

Citi shareholders have approved CEO Mike Corbat's compensation package for 2013 at the firm's annual meeting being held in St. Louis this year, according to media reports. Corbat's total pay package was $17.6 million last year.

 

Source: MarketWatch
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