Citigroup Says Pay Plan Investors Shunned Helped Keep Corbat
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Citigroup Inc. said a profit-sharing plan, among pay practices shareholders rejected last year, helped return the bank to profitability by retaining leaders including Chief Executive Officer Michael Corbat.
The plan was essential for the survival of the New York-based lender as “important executives” were leaving for competitors, the bank said in an annual proxy filing. The firm designed the awards in 2009 after it received a $45 billion U.S. bailout to prevent its collapse amid the financial crisis.