(Reuters) - Citigroup Inc cut its chief executive Michael Corbat's annual compensation by 10.3 percent in 2014, citing high legal expenses and the company's failure to win regulatory approval for its capital plan last year.
Corbat's earned a total of $13 million for 2014, down from $14.5 million a year earlier, according to the compensation approved by Citi's board.
His pay package includes deferred stock of about $3.5 million under Citi's compensation plan, which was overhauled two years ago amid shareholder pressure.
Corbat was paid $14.5 million in 2014, down from $17.6 million the year before, under a format prescribed by the U.S. Securities and Exchange Commission.
The CEO has been trying increase profitability at the bank by scaling back 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.
The bank raised its quarterly dividend and announced plans to buy back $7.8 billion of stock over five quarters after it cleared the Federal Reserve's annual stress test last week.
Citi failed the stress tests in 2012 and 2014.
Chief Financial Officer John Gerspach's total compensation for 2014 was unchanged at $7.5 million, according to the filing. Manuel Medina-Mora, who heads Citi's global consumer banking arm but will retire in June, received $9.5 million for 2014.
Bank of America Corp
In contrast to Corbat and Moynihan, JPMorgan & Co
(Reporting by Avik Das in Bengaluru and David Henry in New York; Editing by Simon Jennings)
