Citigroup CEO Jane Fraser received a nearly 6% year-over-year raise last year, bringing her total compensation for 2023 to $26 million, the bank said Tuesday, citing what it described as her “sound” strategic priorities.
Fraser's total compensation package for 2023 includes a base salary of $1.5 million, a cash incentive of $3.675 million, and approximately $20.8 million in deferred incentives, such as deferred stock and performance share units.
This number was not as high as some of her CEO counterparts at other large banks. But Citigroup C
Under Fraser's leadership, the bank has taken significant steps to streamline operations – by withdrawing from its markets outside the US – which has strengthened its wealth business and improved shareholder returns, he said in a filing.
The filing also said it had taken steps to address regulatory concerns. The Federal Reserve in 2020 asked Citi to tighten risk management controls. In a related action at that time, the Office of the Comptroller of the Currency fined the bank.
The filing on Tuesday also pointed to what it said was “the most significant set of changes to its organizational and management model since the 2008 financial crisis.”
Under her leadership, the bank shed its managerial layers, created a “client organization” more directly responsible for dealing with clients, and reorganized the company so that senior business leaders reported directly to it.
Citigroup shares rose 0.2% after business hours, after closing up 1% during regular trading hours.
While the stock is up 11% over the past 12 months, it is still down over the past three years, and remains well below pre-2008 financial crisis levels. The company increased sales last year by 4%, but net income Decreased by 38% from 2022.
JPMorgan Chase & Co. JPM,
CEO Jamie Dimon is giving compensation of $36 million for last year, up from $34.5 million the year before. wells Fargo WFC,
It said its board of directors approved $29 million for CEO Charlie Scharf. This was the same amount approved for Bank of America Corp BAC,
CEO Brian Moynihan, which was down slightly for 2022.
goldman sachs gs,
CEO David Solomon's compensation last year amounted to $31 million. For Morgan Stanley CEO James Gorman, that number was $37 million.
