Citigroup ( C) is trending as the bank plans to overhaul its bonus payout structure, bowing to shareholder anger over executive pay. A portion of the pay packages given to top executives now will be linked to Citi's performance. That portion, called performance share units, will be linked to the company's performance in comparison to its competitors and return on assets. The company's board will continue to approve base salaries, cash bonuses and deferred stock given to those executives. Citigroup Chairman Michael O'Neill said in a regulatory filing that a five-member committee on executive pay determined the new plan after meeting with investors. Last April, more than half of Citi's shareholders voted against the bank's bonus packages. Citigroup paid new CEO Michael Corbat $11.5 million in 2012. He received one of the few cash bonuses still being paid out to Wall Street CEOs that year.
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