NEW YORK (AP) — Citigroup's board of directors is awarding CEO Michael Corbat a pay package worth $15.5 million for 2016, down from $16.5 million in 2015.
Citi's board said Friday that in addition to his $1.5 million base salary, Corbat will receive $4.2 million in cash and $9.8 million in stock awards. The board said the pay package reflects Corbat's progress to shrink and restructure Citi following the financial crisis.
For example, Citigroup almost entirely wound down Citi Holdings in 2016, which is the "bad bank" part of Citigroup where the company housed all of the toxic assets it had from the mortgage bubble.
However Citi's full-year profits fell in 2016, with the bank earning $14.78 billion compared with $17.07 billion in 2015.