Citigroup’s board of directors cut CEO Michael Corbat's compensation by 6% for 2016 after the bank missed financial targets and 33% of its voting shareholders disapproved of his prior pay package. Corbat received $15.5 million in total comp - $1.5Mn base salary, $4.2Mn cash award, and $9.8Mn stock-related incentives.

On the plus side, … Citigroup's capital plan won approval from the Federal Reserve, and it received positive feedback from regulators on its resolution plan. Corbat also continued to wind down troubled assets left from the financial crisis.

However, … directors said Corbat's compensation should reflect performance against financial targets - overall, Cit’s profit fell 13% last year. And, at Citigroup's annual meeting last April, 36% of shareholders cast votes disapproved of what top executives were paid, partly because of changes the board had made to incentive structures.

Other Citigroup senior executives received these amounts of compensation for 2016:

• James Forese, President and CEO of Citi's Institutional Clients Group: $15.3Mn (down 4%).
• John Gerspach, CFO: $9Mn (same as in 2015).
• Stephen Bird, CEO of global consumer banking: $9Mn (up 6%).
• Don Callahan, head of ops & technology: $7.3Mn (same as in 2015.