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Citi CEO Corbat gets $14.1 million in 2013

Michael L. Corbat, president of the Citigroup, arrives at the Planalto Palace before a meeting with Brazil's President Dilma Rousseff in Bra
Michael L. Corbat, president of the Citigroup, arrives at the Planalto Palace before a meeting with Brazil's President Dilma Rousseff in Bra

(Reuters) - Citigroup Inc Chief Executive Michael Corbat received a 23 percent pay rise in 2013, his first full year after replacing Vikram Pandit at the helm, a regulatory filing on Thursday showed.

Corbat earned an estimated $14.1 million in 2013 under Citi's executive pay structure, which the company overhauled last year amidst shareholder pressure. He had received a salary of $11.5 million in 2012.

According to the regulatory filing, Corbat received deferred stock worth about $3.78 million based on the stock's Thursday close. (http://r.reuters.com/mur96v)

The deferred stock makes up 30 percent of Corbat's bonus pay under the new compensation plan. He is paid $1.5 million in base salary.

Corbat's 2013 pay is roughly in line with Bank of America Corp's chief, whose salary details were disclosed in a filing on Wednesday.

JPMorgan Chase & Co's Jamie Dimon received about $20 million for 2013, including $18.5 million of restricted stock.

Citi, the third-largest U.S. bank, posted weaker-than-expected fourth-quarter results last month, as lackluster bond-trading results weighed on overall revenue.

(Reporting by Aman Shah in Bangalore; Editing by Eric Walsh)

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