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Citigroup pays Rubin $21M
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March 6, 2000: 7:47 p.m. ET
Top 3 execs at financial services giant earn more than $100M in 1999
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NEW YORK (CNNfn) - Former U.S. Treasury Secretary Robert Rubin received a compensation package worth more than $21 million during the four months he served as a co-chairman of Citigroup.
And he'll earn nearly $50 million over the next two years, the company said in documents filed with the Securities and Exchange Commission Monday.
Rubin, 61, stepped down as Treasury secretary last July and joined Citigroup (C: Research, Estimates), the nation's largest financial services company, in October to chair the board's executive committee.
In the SEC filing Monday, Citigroup said it paid Rubin a base salary of $183,000, a bonus of $1.8 million and 1.5 million in stock options valued at $18.5 million. He also received Citigroup stock valued at $917,899.
As part of an employment agreement with Rubin -- who had a successful 28-year career as a bond trader at Goldman Sachs (GS) before joining the Clinton Administration in 1993 and becoming Treasury Secretary in 1995 -- Citigroup said it will give Rubin another 1.5 million in stock options this year. He also will receive a base salary of $1 million and a bonus of $14 million this year and next year.
Meanwhile, Citigroup Co-Chairman and Chief Executive Sanford Weill earned nearly $59.5 million in salary, bonuses and stock options. John Reed, who announced that he would step down from his position as co-chairman and chief executive next month, received a $13.2 million pay package last year, the company said.
The hefty salaries cap a year when Citigroup's profit rose 70 percent, to $9.87 billion, powered by investment banking, trading and strength in its global consumer banking operation.
Citigroup did not immediately return calls for comment. 
-- from staff and wire reports
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