Citigroup raises Fraser's pay by 32% after appointing her as CEO
Reuters
Published Feb 14, 2022 04:49PM ET
Updated Feb 14, 2022 05:01PM ET
(Reuters) -Citigroup Inc Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and the head of its consumer businesses, the bank disclosed on Monday.
Citigroup (NYSE:C) directors cited Fraser's ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation.
Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals.
Fraser was paid $17.1 million for 2020.
Citi had slashed Corbat's pay by 21% to $19 million for his final year in the job as the pandemic hit the bank's profits and shortcomings emerged in its risk controls.
Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable.
JPMorgan Chase & Co (NYSE:JPM) head Jamie Dimon is receiving $34.5 million for 2021. Goldman Sachs Group Inc (NYSE:GS) CEO David Solomon and Morgan Stanley (NYSE:MS) CEO James Gorman are both getting $35 million, while Brian Moynihan, CEO of Bank of America Corp (NYSE:BAC), is receiving $32 million.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.