Boston, MA 02/21/2014 (wallstreetpr) – Citigroup Inc. (NYSE:C) Chief executive officer Michael Corbat will be laughing all the way to the bank after the company Board of director decided to up his pay package by 23%. Mr. Corbat will now earn $14.1 million in line with BAC CEO Brian Moynihan. As of close of business on Thursday February 20, 2014 it is being reported that Mr. Corbat had received the company differed stock worth $3.78 million.
Mr. Corbat will now be paid $1.5 million in salary with the rest of bonuses and compensation being determined by the company’s earlier disclosed formula. The pay increase comes as a surprise to many considering the company had earlier reported that the CEO had not been successful in reducing the company’s cost while also bolstering growth. The company stock continue to plummet in the market as a result of emerging markets not providing the best returns that the company had anticipated as of the beginning of the year.
Citigroup Inc. (NYSE:C) reported full year 2013 results that fell below analyst’s expectation raising more concerns over the company’s future although executives cited weaknesses in the US economy as the reason behind the sluggish results.
Citigroup settles lawsuit with Barclays PLC (ADR) (NYSE:BCS)
Citigroup Inc. (NYSE:C) has confirmed it has settled its lawsuit with Barclays Plc. in which it had sought to recover $141 million for foreign exchange services it had lend to Lehman Brothers Holdings. The two parties in a letter filed at the Manhattan district court said they had reached a definitive agreement on the matter. Terms of the agreement have not been disclosed although the US District Judge, Lorna Schofield issued a 30 day period for Citigroup to refile if need arises.
Citigroup Inc. (NYSE:C) was stable on Thursday trading session slipping down by only 0.12% to close the day at a stable price of $48.13 a share.
