Citigroup Inc. cut Chief Executive Officer Mike Corbat’s compensation 6.1 percent for 2016 to $15.5 million after the firm’s profit declined. Corbat, 56, got a $4.2 million cash award and $9.8 million in shares that vest and pay out over a number of years depending on the bank’s performance, according to a regulatory filing Friday.
Category: CitiMortgage
Shale Specter Haunts OPEC as Oil Seen Rallying Into 2017
After pulling off the biggest oil-market deal in a decade, OPEC faces a new balancing act in 2017: boosting prices without igniting shale. The first shale boom spurred a global supply glut that started prices sliding in mid-2014, and was amplified that November by a pump-at-will OPEC strategy aimed at market dominance.
Smaller U.S. Banks Dodge Fed Crackdown on Short-Term Debt Funding
The Fed’s new rule requiring banks to issue more long-term debt is in line with recent decisions to alleviate the burden on mid-size lenders. As the Federal Reserve races to tighten financial industry regulations prior to the U.S. presidential handover, smaller banks are catching a break.