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Citigroup annual report: Banamex, stress test behind Corbat pay cut

Mar. 19, 2015 12:21 PM ETCitigroup Inc. (C) StockCBy: Stephen Alpher, SA News Editor
  • Citigroup (C -2.6%) last month disclosed CEO Michael Corbat's total pay of $13M for 2014, down from $14.5M the previous year. Behind the pay cut were the bank's failure to have its capital return plan approved by the Fed, and the fraud-related issues at Banamex, says the bank in its annual report.
  • 2015 is looking better as Citi passed the CCAR with ease and Banamex fades further into the past.
  • From the CEO's letter: "Citi is not the bank that entered, endured, or emerged from the financial crisis ... It's a vast understatement to say that we merely 'rebuilt' our capital position since the crisis. In fact, our capital strength now far exceeds even pre-crisis levels."

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