Citigroup chairman and chief executive Chuck Prince received a 13% increase in his pay last year, even though the bank's compensation committee said the group's performance lagged its peers.

Prince, who has faced criticism over the past year from some of Citigroup's shareholders over the bank's flagging share price, was awarded total compensation last year worth almost $26m (€19.7m). Shares in Citigroup climbed 15% last year, several percentage points behind its peers.