UPDATE 2-Citigroup CEO Corbat earned 10 pct less in 2014
* CEO's pay down to $13 mln for 2014 from $14.5 mln in 2013
* Chief financial officer John Gerspach's 2014 pay unchanged (Adds board comments and compensation for other executives)
March 18 (Reuters) - Citigroup Inc cut its chief executive Michael Corbat's annual compensation by 10.3 percent in 2014, citing high legal expenses and the company's failure to win regulatory approval for its capital plan in last year's stress tests.
Corbat's earned a total of $13 million for 2014, down from $14.5 million a year earlier, according to the compensation approved by Citi's board.
The board's compensation committee said its the company's proxy statement that it had also cut compensation, or held back raises, for Citigroup's chief financial officer, the chief executive of its institutional business, the chief executive of it consumer bank and its head of franchise risk and strategy.
His pay package includes deferred stock of about $3.5 million under Citi's compensation plan, which was overhauled two years ago amid shareholder pressure.
Corbat was paid $14.5 million in 2014, down from $17.6 million the year before, under a disclosure format prescribed by the U.S. Securities and Exchange Commission.
Citi, like other big banks, has turned to cost cuts to boost profit, as low interest rates and new regulations have crimped revenue growth. But the efforts have been overshadowed by fines and higher costs for technology and compliance.
The board said its scores for paying executives were lowered by high costs last year to reposition Citigroup businesses. Continuación...