(Reuters) - Citigroup Inc cut Chief Executive Michael Corbat's pay by about 10 percent in 2014, a year in which the bank's profit nearly halved due to higher legal costs and a slump in bond trading.
Corbat earned an estimated $13.1 million for the year, including deferred shares worth about $3.49 million based on the stock's Thursday close. He earned $14.5 million in 2013.
Deferred stock makes up 30 percent of Corbat's bonus pay under Citi's compensation plan, which was overhauled two years ago amid shareholder pressure.
Corbat has been trying to make the bank as profitable as its rivals by scaling down its sprawling operations, built through a series of acquisitions since the 1980s.
Citi, like other big banks, has turned to cost cuts to boost profit, as low interest rates and new regulations have crimped revenue growth. But these efforts have been overshadowed by multibillion-dollar fines and higher costs for technology and compliance.
Bank of America Corp
In contrast to Moynihan and Corbat's smaller pay packages, JPMorgan & Co
(This version of the story corrects to 10 percent from 7 percent in headline and first paragraph. It also Corrects Corbat's 2013 pay to $14.5 million from $14.1 million in second paragraph)
(Reporting by Anil D'Silva in Bengaluru; Editing by Simon Jennings)
