Citigroup elevated chief govt Jane Fraser’s pay to $24.5mn for 2022, making her the one large US financial institution boss to obtain a pay bump amid a difficult yr for the trade.
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 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 pattern amongst large 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.
“Notwithstanding challenging macroeconomic and geopolitical developments, under Ms Fraser’s leadership Citi made solid progress on each of our priorities, and the compensation committee recognises the strategic direction that took shape during 2022,” Citi mentioned in its submitting.
Fraser is main Citi by a restructuring throughout which the financial institution has retrenched from a lot of its abroad retail operations whereas it additionally grapples with a 2020 consent order with US regulators below which it agreed to improve its processes and expertise.
During the restructuring, Fraser has warned Citi would proceed to lag behind Wall Street rivals within the coming years.
In 2022, the financial institution’s revenues rose 5 per cent at $75.3bn however income have been down 32 per cent at $14.8bn. Citi’s share value fell 25 per cent in 2022, underperforming the benchmark S&P 500 index, which fell 19 per cent.
Citi’s board of administrators mentioned elements that helped decide Fraser’s pay included decreasing the financial institution’s presence in Russia and shutting the sale of 5 of its shopper companies — in Australia, the Philippines, Thailand, Malaysia and Bahrain.
Goldman Sachs chief govt David Solomon’s pay fell virtually 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. Bank of America chief Brian Moynihan was paid $30mn in 2022, down from $32mn a yr earlier.
