Ms Fraser’s complete pay in 2021 was $22.5 million.
Whereas Chiefs at different large banks, together with Goldman and Morgan Stanley, took a pay reduce, Citigroup Inc paid Chief Govt Jane Fraser $24.5 million for 2022, up 9 per cent from the prior yr, reported Wall Road Journal.
Ms Fraser’s pay rise has made her the one large US financial institution boss to obtain a bump amid a difficult yr for the business.
In a regulatory submitting on Tuesday, Citi mentioned Fraser’s pay consisted of a $1.5mn base wage and a $23mn bonus paid in a mixture of money, deferred inventory and efficiency share models. The financial institution paid Fraser $22.5mn for her work in 2021, when she took over as CEO on the finish of February, changing Mike Corbat, reported Monetary Occasions.
Ms Fraser’s complete pay in 2021 was $22.5 million. She took over as the primary feminine chief govt of a serious Wall Road financial institution in February 2021.
“However difficult macroeconomic and geopolitical developments, beneath Ms Fraser’s management Citi made strong progress on every of our priorities, and the compensation committee recognises the strategic route that took form throughout 2022,” Citi mentioned in its submitting.
Her pay remains to be under the $34.5 million of JPMorgan & Chase Co’s JPM.N CEO Jamie Dimon, and Morgan Stanley (MS.N) CEO James Gorman’s $31.5 million, in response to Reuters information.
Citigroup mentioned on Tuesday it supplies regulators with its plans and progress on remediation efforts on an ongoing foundation and is working constructively with the regulators to take their suggestions.
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