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Citigroup CEO gets 48% raise to $23M

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Citigroup CEO Michael Corbat earned a 48 percent raise to $23 million, according to CNNMoney.

Citi's board of directors cited the bank's "strong operating performance," Corbat's "exceptional leadership" and "market levels of pay for the CEO role at peer institutions."

Corbat has a base salary of $1.5 million alongside $21.5 million in incentives that include cash, deferred stock and restricted shares.

Read more from CNNMoney.

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