Citigroup Inc. (C - Get Report) CEO Michael Corbat got a 4.3% raise last year, smaller than rival Wall Street chieftains received from JPMorgan Chase & Co. (JPM - Get Report) and Bank of America Corp. (BAC - Get Report) , as the board of directors gave him an overall report card tantamount to a B-minus.
Corbat's total compensation rose to $24 million, including incentive bonuses and a $1.5 million annual salary, according to a filing Wednesday laying out the agenda for an annual shareholder meeting scheduled for April 16 at the bank's headquarters in New York. The previous year, Corbat, 58, got a 48% raise to $23 million.
Citigroup made "steady progress" in restoring profitability to targeted levels, according to the filing. During the financial crisis a decade ago, the bank nearly collapsed and was able to survive thanks only to a $45 billion bailout from the U.S. Treasury Department and about $100 billion more in emergency loans from the Federal Reserve.
JPMorgan Chase CEO Jamie Dimon got a 5% raise last year to $31 million, while Bank of America's Brian Moynihan got a 15% raise to $26.5 million.
On a scale of 1 to 5, with 1 being the highest, Corbat got a 2.43 overall rating from the compensation committee of the bank's board, according to the filing. The grade reflected the board's assessment of his performance on a variety of measures, including profitability, expense control, return on assets, risk management, reputation enhancement and client satisfaction.
In what might be the bank's most notable accomplishment of 2018, Citigroup achieved a 10.9% return on tangible common equity, surpassing a key profitability goal of 10% that had eluded Corbat since he first established the target in 2013.
The goal was achieved thanks to a 3% increase in pretax earnings along with an 82% decline in taxes, due to President Donald Trump's late-2017 cut in the official U.S. corporate rate. JPMorgan's pretax earnings rose by 14% last year, while Bank of America's rose by 18%.
"While the lower effective tax rate resulting from U.S. tax reform contributed substantially to these results, Citi's pretax earnings also increased modestly from the prior year," according to the filing.