Citizens Financial Group Chairman and CEO Lawrence K. Fish’s total compensation last year fell 12 percent to $12.9 million, according to a report by parent company The Royal Bank of Scotland Group Plc.
That included about $2 million in salary, a bonus of about $3.1 million and stock options and an additional incentive of about $7.4 million, according to Bloomberg News.
Citizens’ operating profit last year was little changed at 1.58 billion pounds, or about $3 billion, the company said. (The U.S. unit’s profits grew 1.7 percent, according to Citizens’ annual report March 1.)
The parent company’s net income rose 15 percent to 6.2 billion pounds, boosted by corporate lending, Bloomberg said.
Fish remains the highest paid executive at the Edinburgh-based bank. RBS CEO Fred Goodwin’s total pay rose 38 percent to 4 million pounds, or about $7.8 million, including salary, bonus and benefits.
This year, Bloomberg said, RBS plans to seek investors’ approval to increase the options cap for executive directors to three times salary, from the current two and a half times; the award would be based on the bank’s earnings per share.
Citizens Financial, a $164 billion commercial bank holding company with about 1,600 branches in 13 states and offices in about 40 states, is owned by The Royal Bank of Scotland Group plc. Additional information is available at citizensbank.com.
