Citigroup cuts CEO Corbat's pay after missing financial targets

Citigroup Inc's board of directors cut Chief Executive Officer Michael Corbat's compensation by 6 percent last year after the bank missed financial targets and one-third of its voting shareholders disapproved of his prior pay package.

Corbat received $15.5 million in total compensation, including a base salary of $1.5 million, a $4.2 million cash award and $9.8 million of stock-related incentives, according to a securities filing on Friday.

Directors said they considered some of the 56-year-old CEO's successes when setting his pay.

Last year, Citigroup's capital plan won approval from the Federal Reserve, and it received positive feedback from regulators on its resolution plan. Corbat also continued to wind down troubled assets left from the financial crisis.

However, directors said Corbat's compensation should reflect performance against financial targets.

Citigroup, the fourth-largest US bank, fell short of goals Corbat set in 2013, shortly after taking the helm, for return on assets, return on tangible common equity and operating efficiency.