Citi's co-president awarded more pay than CEO

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Citigroup awarded co-President Jamie Forese about $13.7m in compensation for 2014, or 4% more than Chief Executive Officer Michael Corbat.

Bloomberg News reports that Forese, 51, who oversees trading, investment and private banking, got deferred stock and performance-share units valued at about $8m in total, and $5.3m in cash, according to a regulatory filing Friday.

He drew a $475,000 salary. Corbat, 54, received a bonus of about $11.7m and a salary of $1.5m, according to filings.

Citigroup’s board cut Corbat’s pay 9% to about $13.2m for 2014, a year when the firm disclosed a $400m loan fraud and had plans for a dividend increase scrapped by the Federal Reserve. Forese increased net income at the institutional-clients group by 1% last year to $9.4bn.

To access the complete Bloomberg News article hit the link below:

Citigroup Gives Forese Bigger 2014 Pay Package Than Corbat

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