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Citigroup pays execs big
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March 8, 1999: 7:15 p.m. ET
Co-chiefs Reed and Weill were paid more than $26.5M each in 1998
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NEW YORK (CNNfn) - Citigroup Inc.'s two top executives received more than $26.5 million each in total compensation last year, according to information released Monday.
Citigroup (C) paid co-chief John Reed a total of $26.5 million last year, including $1.67 million in salary, a $7.86 million bonus and stock options worth more than $16.9 million.
Citigroup, which merged with Travelers Group Inc. last year, paid Sanford Weill $27.5 million in 1998. This includes $1.03 million in salary, a $6.17 million bonus and options worth more than $16.9 million.
Weill also received restricted stock awards of more than $3.1 million.
In addition, Weill received $24.7 million of "reload options," which allow executives to maintain their stake in the company even when they use shares, rather than cash, to pay for the stock they purchase by exercising options.
Citigroup gained 1/4 to close at 62 in New York Stock Exchange trading on Monday.
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Citigroup
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