Citigroup shares fall a second straight session on Friday, CEO Corbat’s compensation reduced as financial targets not met

Citigroup Incs (C) board was reported to have reduced Chief Executive Officer Michael Corbats compensation by 6% in 2016, as the holdings financial objectives had not been accomplished. Corbats previous compensation package was not approved by one-third of the banks voting shareholders.

Citigroup shares closed lower for a second straight session on Friday. The stock edged down 0.35% ($0.21) to $60.17, after touching an intraday low of $59.40, or a level not seen since February 14th ($58.75). In the week ended on February 19th the shares of the financial group added 4.41% to their market value compared to a week ago, which marked the third gain in the past four weeks and also the best performance since the week ended on December 11th 2016. The stock has pared its advance to 7.77% so far during the current month, following a 6.06% slump in January. The latter has been the first monthly drop since last September. For the entire 2016, the shares of the NYSE-listed financial holding company gained 14.84%.

A securities filing revealed on February 17th that Citigroups CEO had received a total compensation of $15.5 million last year, or less than what other Wall Street bank CEOs had been paid. The package included a base salary of $1.5 million, a cash award of $4.2 million and $9.8 million in stock-related incentives.

At the holdings annual meeting held in April 2016, 36% of voting shareholders did not approve top managements pay packages, in part due to changes, which incentive structures had undergone. According to Reuters, the formula is to be reworked once again by the banks board.

Objectives in regard to return on assets, return on tangible common equity and operating efficiency, which had been pinpointed by Corbat in 2013 after assuming the CEO role, were missed.

In addition, Citigroup reported a 13% slump in its 2016 net income.

In January, the groups Chief Executive stated that financial targets had not been met due to unexpectedly high capital requirements and unexpectedly low interest rates, while asking investors for patience.

According to information disclosed by the holding company on February 17th, other senior executives were paid the following amounts as compensation in 2016:

John Gerspach, Chief Financial Officer – $9 million (unchanged from a year ago);

James Forese, Citigroup President and Chief Executive of Citis Institutional Clients Group – $15.3 million (a 4% decrease from a year ago);

Stephen Bird, Chief Executive of Global Consumer Banking – $9 million (a 6% increase from a year ago).

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Citigroup stock are presented as follows:

R1 – $60.24
R2 – $60.31
R3 (Range Resistance – Sell) – $60.38
R4 (Long Breakout) – $60.59
R5 (Breakout Target 1) – $60.84
R6 (Breakout Target 2) – $60.95

S1 – $60.10
S2 – $60.03
S3 (Range Support – Buy) – $59.96
S4 (Short Breakout) – $59.75
S5 (Breakout Target 1) – $59.50
S6 (Breakout Target 2) – $59.39

By using the traditional method of calculation, the weekly levels of importance for Citigroup Inc (C) are presented as follows:

Central Pivot Point – $59.56
R1 – $61.48
R2 – $62.80
R3 – $64.72
R4 – $66.65

S1 – $58.24
S2 – $56.32
S3 – $55.00
S4 – $53.69