Citi Shareholders Won't Be Happy When They Hear About This $579 Million Executive Profit Sharing Plan

Compensation numbers were announced at the end of last month, but according to Bloomberg, there are still numbers to read between the lines at Citigroup.

Donal Griffin and Michael Moore report that executives will also take home up to $579 million on top of their regular compensation packages under an executive profit sharing plan, part of which was voted down by Citi shareholders.

This after a rough February when shareholders seemed distraught by the $11.5 million pay package Citi announced new CEO Michael Corbat would be taking home. They've been agitating about executive compensation since last April when they voted against then-CEO Vikram Pandit's $15 million pay package. The votes are non-binding, but they still send a message.

From Bloomberg:

The lender booked a $246 million expense in 2012 tied to the plans, adding to $285 million for the previous year and $48 million in 2010, according to regulatory filings. Competitors of the New York-based bank said they didn’t make similar awards, which are on top of annual salaries and bonuses...

The Key Employee Profit Sharing Plans, or KEPSPs, cover Citigroup’s performance from 2010 to 2012. The bank will pay two-thirds of the awards by March 15 while executives must wait until 2014 for the rest, according to filings.

Consumer banking head Manuel Medina-Mora, 62, will get about $8.8 million under the 2011 plan, according to data compiled by Bloomberg. Chief Financial Officer John Gerspach, 59, will receive about $5.7 million and Alberto Verme, 55, chairman of banking in Europe, the Middle East and Africa, about $7.5 million, the data show. Michael Corbat, who was named chief executive officer last year, will get about $7.6 million under a separate 2010 plan, according to the data.

Let's see how shareholders take this the next time they get together.

Head to Bloomberg for more details on the plan>