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MarketScreener Homepage  >  Equities  >  Nyse  >  Citigroup Inc.    C

CITIGROUP INC.

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Citigroup CEO's Pay Remains at $24 Million -- WSJ

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02/15/2020 | 02:48am EST

By David Benoit

Citigroup Inc. said Friday it would pay Chief Executive Officer Michael Corbat $24 million for 2019, unchanged from the previous year.

The bulk of Mr. Corbat's pay is in two sets of stock-based compensation that totaled $15.75 million for 2019. He was also given a $6.75 million cash bonus. His base salary, $1.5 million, has been steady since he was promoted to CEO in 2012.

Mr. Corbat has said the bank is making steady progress toward higher profitability. In 2019, the bank's revenue rose 2% and profit rose 8%. The stock soared 50%, outpacing rivals in the KBW Nasdaq Bank Index.

Analysts and investors focus on Citigroup's profitability, which has improved in recent years but still trails other big banks. Citigroup said last month its return on tangible common equity, which measures the profitability of its assets, was 12.1% for the full year, better than the 12% the bank had targeted. Analysts, though, said the figure would have fallen short if not for a tax-related boost on some assets, and Citigroup lowered its 2020 target.

Mr. Corbat over the past seven years has focused on simplifying the bank and expanding its revenue from current customers and its consumer bank. It has successfully moved beyond the worst of its financial crisis-era losses and regulatory problems, but now investors are seeking more signs of growth.

Several of Citigroup's top executives left over the past year, including the head of the consumer bank, the head of the investment bank and the finance chief. Mr. Corbat named longtime executive Jane Fraser as company president and head of the consumer bank, a move that puts her among his top potential successors.

Three other big U.S. banks have disclosed 2019 pay for their CEOs. James Dimon at JPMorgan Chase & Co. got a bump to $31.5 million; James Gorman at Morgan Stanley was cut to $27 million. Bank of America Corp. kept Brian Moynihan's pay at $26.5 million.

Write to David Benoit at david.benoit@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -1.41% 34.36 Delayed Quote.-2.44%
CITIGROUP INC. -2.28% 76.44 Delayed Quote.-4.32%
JPMORGAN CHASE & CO. -1.22% 135.81 Delayed Quote.-2.58%
MORGAN STANLEY -2.47% 52.42 Delayed Quote.2.54%
NASDAQ COMP. -1.79% 9576.590101 Delayed Quote.8.67%
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Financials (USD)
Sales 2020 75 476 M
EBIT 2020 32 983 M
Net income 2020 17 333 M
Debt 2020 -
Yield 2020 2,84%
P/E ratio 2020 9,01x
P/E ratio 2021 8,12x
Capi. / Sales2020 2,13x
Capi. / Sales2021 2,09x
Capitalization 161 B
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Technical analysis trends CITIGROUP INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 90,68  $
Last Close Price 76,44  $
Spread / Highest target 62,2%
Spread / Average Target 18,6%
Spread / Lowest Target -26,7%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
Jane Nind Fraser President & CEO-Global Consumer Banking
John C. Dugan Chairman
Mark A. L. Mason Chief Financial Officer
Anthony M. Santomero Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP INC.-4.32%161 020
JPMORGAN CHASE & CO.-2.58%425 902
BANK OF AMERICA CORPORATION-2.44%299 912
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED0.00%272 110
CHINA CONSTRUCTION BANK CORPORATION-0.62%208 670
WELLS FARGO & COMPANY-11.34%197 212