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Citigroup CEO Corbat's 2017 Compensation Increases 48% To $23 Mln

Citigroup Inc. (C) disclosed in a regulatory filing Friday that the Personnel and Compensation Committee determined that Chief Executive Michael Corbat's annual compensation for 2017 is $23 million, consisting of his previously established base salary of $1.5 million and a total incentive award of $21.5 million, which is a 48% increase from his 2016 annual compensation of $15.5 million.

The Committee approved incentive compensation awards for 2017 performance to CEO Michael Corbat and other senior executives. In determining incentive compensation awards for 2017, the Committee noted the strong operating performance of Citi in 2017. Although Citi reported a net loss of $6.2 billion for full year 2017, or $2.76 per share, these results included an estimated $22 billion non-cash charge related to the impact of the Tax Cuts and Jobs Act of 2017. Excluding the impact of Tax Reform, Citi's net income of $15.8 billion increased nearly $1 billion compared to 2016.

The board said it considered Citigroup's underlying results, as well as the bank's increased shareholder dividends and its passing grade on the Federal Reserve's stress test.

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