Citigroup CEO earns 369 times average employee

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(Reuters) – Citigroup Inc (C.N) Chief Executive Michael Corbat’s annual pay for 2017 was 369 times the median annual pay of all employees, the bank said in a regulatory filing.

FILE PHOTO – Michael L. Corbat, president of the Citigroup, arrives at the Planalto Palace before a meeting with Brazil’s President Dilma Rousseff in Brasilia April 9, 2013. REUTERS/Ueslei Marcelino

Corbat’s annual total compensation was $17.8 million while the median annual total compensation of all Citi employees was $48,249, the bank said in the filing. (bit.ly/2panXYX)

The bank in February announced that it had raised Corbat’s annual compensation by 48 percent for 2017, a year in which the bank made more money from operations but still fell short of earlier targets.

The change in Corbat’s pay compares with annual raises of 5 to 20 percent for other Wall Street bank chief executives.

Reporting by Nikhil Subba in Bengaluru

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