Daily Lessons from Life 16 February 2018 - Good to be a bank CEO!!
"Citigroup raises CEO Corbat's pay 48 percent to US$23 million
NEW YORK: Citigroup Inc raised Chief Executive Officer Michael Corbat's annual compensation by 48 percent to US$23 million for 2017, a year in which the bank made more money from operations but still fell short of earlier targets.
Directors considered recent progress toward new targets when setting Corbat's pay, according to a public filing on Friday.
A year earlier, Corbat's annual compensation was cut 6 percent to US$15.5 million after the bank missed financial performance targets and saw one-third of its voting shareholders disapprove of his prior pay.
After that vote, the company made changes to its pay plan, which was then endorsed by 97 percent of voting shareholders at its annual meeting in April.
In July, Citigroup recast targets set in 2013 as new goals for 2020.
In 2017, Citigroup stock jumped 25 percent and its profit rose 4 percent, excluding a charge for the impact of the U.S. tax law change on the value of its deferred tax assets.
Corbat, 57, has been CEO since 2012. Citigroup is the fourth biggest U.S. bank by assets.
The change in Corbat's pay compares with annual raises of 5 to 20 percent for some other Wall Street executives. Jamie Dimon, CEO of JPMorgan Chase & Co, the biggest U.S. bank, was paid US$29.5 million, a 5.4 percent increase. Morgan Stanley CEO James Gorman's compensation was raised 20 percent to US$27 million.
Lloyd Blankfein, chief executive of Goldman Sachs Group Inc received a 9 percent raise to US$22 million, the company said on Friday. Bank of America Corp CEO Brian Moynihan was paid US$23 million, up 15 percent."
For the life of me, I will never be able to comprehend these more than 5m pay since I hv revered earned more than 1m in pay let allow 20+m that these folks r getting regularly!
Maybe their banks make 1B or more than 100m net profit. So, as a % of that, the pay of 20+m is not significant! Yes? 10m of 1B is 1% though 10m of 100m is 10% n not significant for sure.
The question then is: how much of total pay of ALL OTHER employees as % to the net profit made? If it is 30%, not so bad. If less than that, why should 1 person get 10% n the rest of thousands split the less than 30%??
I finished in 6hrs50mins in 2015 SCMS. Worst of the 8th attempts!
My 2016 Resolutions
1 Life Long Pursuit always: - at personal level, to be a good father, husband, son, friend and human being; - at work level, to be a professional; practising the 7e Way of leaders;
2 To continue the holistic healthy lifestyle of 'eating right and exercising regularly' so as to keep the weight at 70-71kg and off HBP medication;
3 To continue to find ways to promote the 7e Way of Leaders, to generate revenue from at least 3 sources, and to get article published in established publications;
4 To continue to contribute as Volunteer Probation Officer (VPO) with the Probation Services Branch; as Senior Health Ambassador (SHA) for Health Promotion Board (HPB); and some other Volunteer opportunities.
5 To invest wiser and trade wisely to profit from an extremely challenging 2016;
6 To complete the 2016 SCMS on 04 December 2016 under 6.5hrs and raise at least S$5.9k for Singapore Cancer Society!;
7 To always has space for the Unexpected.
Have your visited the www.7eleadership.com website?
2010 Tour of Amsterdam/Brussels/Paris/Lucerne/Cologne
Family Outside Versailles Palace, France
2009 Dec Tawian Holidays
Four of my Most Important People
2008 Dec HkgMacauHolidays
HawNgee, ZJ and Jun in JAWs!
Lu's Marathon on 7 Dec 2014
I did it 6hr19sec for the 7th time!
Lu's Marathon on 1 Dec 2013
I did it in 6.16. Worst than 2012 of 6.05 and > Target of 6hrs. Still, I will take it! :-)
Lu's Marathon on 2 Dec 2012
5th Time 6.06 > Goal of 6hrs
Lu's Marathon on 4 Dec 2011
I did it again in 5hrs53min05sec!
Lu's Marathon 05 Dec 2010
I completed my 3rd Marathon - 6hrs 24mins
Lu's Marathon 06 Dec 2009
I Did It AGAIN at 6hr20mins!!
Lu's Marathon 07 Dec 2008
I Dit It! 42.195km in 5hr 53Min 34Sec. My 1st Marathon at 51+ Years Old