Citigroup Inc. reported its top officials, including Chairman Sanford I. Weill, Chief Executive Charles Prince and President and Chief Operating Officer Robert B. Willumstad, received a smaller payment in 2004 compared with the previous year.

Nevertheless each of them still got more than $16 million.

The New York-based financial-services company’s compensation committee said it wanted to raise Messrs. Prince’s and Willumstad’s annual incentive and retention award since the company faced a financially successful year and the two executives’ 2003 compensation did not correspond it.

But the two stated that their bonuses should reflect the Citigroup’s decline last year, including the failure in providing banking services in Japan and settlement of a class-action lawsuit concerning WorldCom.

Influenced by those events, Citigroup’s earnings per share decreased 5%, according to the proxy.

The compensation committee considered a reduction to be "appropriate," according to the proxy, and issued a 15% cut in their incentive awards. Mr. Weill also asked for a 15% cut, and Citigroup reduced other senior officials’ incentive pay by 10% for the same reason, the proxy said.