Citigroup elevated chief govt Jane Fraser’s pay to $24.5mn for 2022, making her the one massive US financial institution boss to obtain a pay bump amid a difficult yr for the trade.
In a regulatory submitting on Tuesday, Citi stated 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 items. 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.
The 8.9 per cent pay enhance bucks the broader development amongst massive US banks, which in 2022 have both reduce their CEOs’ pay or left it unchanged from the yr earlier than amid a slowdown in income.
“However difficult macroeconomic and geopolitical developments, underneath Ms Fraser’s management Citi made strong progress on every of our priorities, and the compensation committee recognises the strategic path that took form throughout 2022,” Citi stated in its submitting.
Fraser is main Citi by a restructuring throughout which the financial institution has retrenched from lots of its abroad retail operations whereas it additionally grapples with a 2020 consent order with US regulators underneath which it agreed to improve its processes and know-how.
Throughout the restructuring, Fraser has warned Citi would proceed to lag behind Wall Road rivals within the coming years.
In 2022, the financial institution’s revenues rose 5 per cent at $75.3bn however income had been down 32 per cent at $14.8bn. Citi’s share worth fell 25 per cent in 2022, underperforming the benchmark S&P 500 index, which fell 19 per cent.
Citi’s board of administrators stated elements that helped decide Fraser’s pay included lowering the financial institution’s presence in Russia and shutting the sale of 5 of its client companies — in Australia, the Philippines, Thailand, Malaysia and Bahrain.
Goldman Sachs chief govt David Solomon’s pay fell nearly 30 per cent to $25mn for 2022, whereas Morgan Stanley boss James Gorman had his pay reduce 10 per cent to $31.5mn.
Longtime JPMorgan Chase chief govt Jamie Dimon’s pay was unchanged at $34.5mn in 2022. Financial institution of America chief Brian Moynihan was paid $30mn in 2022, down from $32mn a yr earlier.
