Citigroup Inc.’s new co-presidents, Jamie Forese and Manuel Medina-Mora, received a combined $1.2 million last year from their holdings in internal private-equity investment funds.
Forese, 49, got $755,675 in total distributions from his stakes in two of the funds while Medina-Mora, 62, received $418,800 from one of the funds, according to a regulatory filing today by the New York-based firm. The Citigroup Employee Fund of Funds I and Citigroup Capital Partners II seek to profit from private-equity investments, the filing shows.
Chief Executive Officer Michael Corbat, 52, promoted the two company veterans this week to help him push through a cost-reduction strategy that has already resulted in 11,000 job cuts. Forese will oversee all institutional businesses while Medina-Mora continues to run consumer banking and the lender’s Mexico operations.
“Citi is fortunate to have very strong leaders with the skills and experience I will rely on as we navigate the challenges and opportunities ahead,” Corbat said in a Jan. 7 statement announcing the shake-up. “Jamie and Manuel have both spent their entire careers at Citi and its predecessor companies, and they exemplify the best of Citi.”
Medina-Mora received about $11.4 million in total compensation for 2011, including a $4.2 million cash bonus, a filing shows. The bank didn’t disclose compensation for Forese, who previously ran Citigroup’s securities and banking unit.
Citigroup paid $124,524 in 2012 compensation to the spouse of a child of Medina-Mora, according to the filing. The bank doesn’t identify the person, who was no longer an employee by June 15, the filing shows.
Shannon Bell, a spokeswoman for Citigroup, declined to comment.