Citigroup cuts CEO's pay by ₹6.7 crore for missing targets

Banking major Citigroup has cut Chief Executive Officer Michael Corbat's compensation by 6.1% or $1 million (over ₹6.7 crore) last year after the lender missed financial targets. Corbat received $15.5 million in total compensation, as against $16.5 million earlier. Notably, Citigroup, which is the fourth-largest US bank, fell short of the goals that Corbat set in 2013.