Michael Corbat, the chief executive of Citigroup, received a 23 percent increase in compensation for 2013, according to a regulatory filing on Thursday.
Mr. Corbat received deferred stock worth about $3.78 million, according to the filing. Under a compensation plan previously disclosed by the company, the stock award accounts for 30 percent of Mr. Corbat’s bonus. Added to $1.5 million in salary, his total compensation would be about $14.1 million, compared with $11.5 million in 2012.
Last month, Citigroup reported earnings that for a second consecutive quarter failed to meet Wall Street’s expectations because of weak trading revenue and the high legal costs of dealing with the bank’s lingering mortgage problems. Some analysts were also disappointed with the bank’s efforts to cut expenses.
The disappointing numbers came a little more than a year after Mr. Corbat succeeded Vikram Pandit at the top Citigroup, promising to increase the once deeply troubled bank’s profitability and efficiency.
While the large banks are still reporting the compensation for their top executives, Mr. Corbat’s pay appears to be in line with that of Brian Moynihan at Bank of America, who received an estimated $14 million in compensation for 2013 based on a stock award disclosed earlier this week.
Jamie Dimon, the chief executive of JPMorgan Chase, received a 74 percent raise in pay for 2013, to $20 million.
Lloyd C. Blankfein, the chief executive of Goldman Sachs, received restricted shares worth $14.7 million as part of his pay package for 2013. Goldman has not yet disclosed the cash portion of Mr. Blankfein’s bonus, but he and other senior executives are typically awarded a 70-30 split between stock and cash. If that holds true, Mr. Blankfein’s total compensation for 2013 will probably be about $23 million.
Morgan Stanley‘s chief executive, James P. Gorman, received a bonus of $4.9 million, an 86 percent rise, and the bank said his salary would double to $1.5 million. The firm has not disclosed Mr. Gorman’s full pay package for 2013, but it is likely to be substantially higher than the $9.75 million he received last year.
