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Citigroup Awards Corbat $11.5 Million After Pandit Pay Rejection

Citigroup Inc., whose shareholders rejected its former leader’s pay package, gave new Chief Executive Officer Michael Corbat an $11.5 million compensation deal for 2012.

The payout includes a $4.18 million cash bonus and $3.14 million of so-called performance share units, or PSUs, according to a regulatory filing yesterday. Citigroup introduced the PSUs as executive compensation after discussions with almost 20 shareholders, the New York-based lender said.