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Citigroup Reduces Michael Corbat’s Pay to $19 Million for 2020 - Bloomberg

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Citigroup Reduces Michael Corbat’s Pay to $19 Million for 2020

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By Jennifer Surane

February 12, 2021 at 5:58 PM EST

This article is for subscribers only.

Citigroup Inc. reduced the compensation of outgoing Chief Executive Officer Michael Corbat by 21% to $19 million for 2020, a year in which regulators sanctioned the lender over its internal controls.

Corbat, who is ceding the CEO job to Jane Fraser, was granted stock awards totaling about $12.3 million; a cash bonus of $5.3 million and a $1.5 million salary, the New York-based bank said Friday in a filing.

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