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Citigroup CEO outearns bank's entire Japanese division

Citigroup CEO outearns bank's entire Japanese division

Citigroup’s CEO earned more money last year than the entire profit generated by the company’s Japanese operation.

The bank’s boss Michael Corbat earned $14.5 million (£8.7 million) in total, while Citibank Japan Ltd’s net income was ¥1.34 billion (£7.8 million), according to Bloomberg.

The low returns in Japan have been blamed on the narrowing of the spread between lending and deposit rates - which hit a record low in the first quarter - and strong competition in high street banking. This has led to mounting speculation that Citigroup will withdraw from retail banking in the country, to focus on higher margin markets.

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