Citigroup CEO makes 486 times more than the bank’s rank-and-file, and he says his story should be aspirational

  • Written by MarketWatch
  • Published in Economics

Michael Corbat earned $24.1 million last year as the boss at Citigroup, while the median pay at the company came to less than $50,000.

Does he feel there’s a problem that needs addressing?

‘Through the grace of God, through hard work, I got to where I am. So I am that person that looked up and said maybe if I work hard enough I can get there.’

Corbat, who was questioned last month by U.S. lawmakers over the income divide in the financial sector, told CNBC in an interview on Thursday that he started at the bank in 1983 making only $17,000 a year and worked his way to the top.

At Citigroup C, +1.09%[1] , as CNBC pointed out[2], the pay gap is the biggest among all large U.S. banks. But this kind of top-heavy structure has recently come under scrutiny in other sectors, as well, including at Disney DIS, +0.14%[3]  , where CEO Bob Iger in 2018 earned 1,424 times the media worker.

Presidential hopeful Bernie Sanders, in a preview of what looks to be a key issue in the 2020 election, suggested the profits from the blockbuster “Avengers: Endgame” movie should go directly to Disney workers[4].

Watch Corbat’s interview:...

References

  1. ^ C, +1.09% (www.marketwatch.com)
  2. ^ CNBC pointed out (www.cnbc.com)
  3. ^ DIS, +0.14% (www.marketwatch.com)
  4. ^ should go directly to Disney workers (www.marketwatch.com)

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