The boss of banking firm Citigroup has been given a 48% rise taking his salary to $23m for helping to turn round the company’s fortunes.
Citigroup was saved from bankruptcy during the financial crisis by a US government bailout, later converted into $27bn-worth of shares – sold in 2009 at a profit to the taxpayer of $12bn.
Michael Corbat took over as chief executive of Citigroup in 2012 and oversaw its continued recovery.
Net profit rose from $7.5bn in 2012 to $14.9bn in 2016 under his leadership.
The bank returned more than $17bn to shareholders through stock buybacks and dividends in 2017, up 60% from 2016.
Citi's board of directors said it considered the bank’s “strong operating performance”, Corbat's “exceptional leadership” and “market levels of pay for the CEO role at peer institutions”, according to a report published by CNN Money.