Citigroup had wired $893million to Revlon s lenders, appearing to pay off a loan not due until 2023, when it intended to send only a $7.8 million interest payment.
Citigroup cannot recoup Revlon payouts after nearly $900-million gaffe: U.S. judge Jonathan Stempel Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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Mike Segar/Reuters
A federal judge on Tuesday said Citigroup Inc. is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc. , in what he called “a banking error of perhaps unprecedented nature and magnitude.”
U.S. District Judge Jesse Furman in Manhattan said the Aug. 11, 2020, transfers were “final and complete transactions, not subject to revocation.”
Citigroup slashes CEO’s pay by 21%
Citigroup slashes CEO’s pay by 21%
Reuters
February 14, 2021
NEW YORK:
Citigroup Inc said late on Friday that outgoing Chief Executive Officer Mike Corbat’s compensation for 2020 would be $19 million, a 21% decrease from 2019, according to a regulatory filing.
Company directors reduced Corbat’s incentive pay for his failures to efficiently address the risk and control concerns of regulators, the bank said in a filing.
In October, the bank agreed to pay a $400 million penalty and draw up a sweeping remediation plan after US regulators identified “several longstanding deficiencies” and operational lapses following an “error” that caused the bank to mistakenly distribute nearly $1 billion of its own funds.
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(Reuters) - Citigroup Inc said late on Friday that outgoing Chief Executive Officer Mike Corbat’s compensation for 2020 would be $19 million, a 21% decrease from 2019, according to a regulatory filing.
FILE PHOTO: The logo of Citi bank is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo
Company directors reduced Corbat’s incentive pay for his failures to efficiently address the risk and control concerns of regulators, the bank said in a filing.
In October, the bank agreed to pay a $400 million penalty and draw up a sweeping remediation plan after U.S. regulators identified “several longstanding deficiencies” and operational lapses following an “error” that caused the bank to mistakenly distribute nearly $1 billion of its own funds.