Citigroup CEO sees pay cut over FX rigging

Citigroup cut CEO Michael Corbat’s 2014 compensation in part because he failed to stop traders from rigging the foreign-exchange markets, Chairman Michael O’Neill said.

Bloomberg News reports that while the currency matter started prior to Corbat’s tenure as CEO, it continued on his watch, O’Neill said Tuesday at the annual shareholders’ meeting in New York.

Citigroup is in discussions with the Department of Justice over allegations it was among banks that tried to manipulate currency markets.

Citigroup’s compensation committee previously said it cut Corbat’s 2014 pay by 10% to $13m, citing fraud allegations in Mexico and the Federal Reserve’s rejection of the company’s 2014 capital plan. The sale of mortgage-backed securities in the run-up to the financial crisis, which led to a $7bn settlement in July, came before the 54-year-old CEO took over, the chairman said.

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

Citigroup Cut Corbat’s Pay Over Currency Rigging, Chairman Says

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