Citigroup raises Fraser’s pay by 32% after appointing her as CEO By Reuters

© Reuters. FILE PHOTO: Citigroup then-Latin America CEO Jane Fraser addresses a Brazil-U.S. Business Council forum to discuss relations and future cooperation in Washington, U.S. March 18, 2019. REUTERS/Erin Scott

(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:) 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:) head Jamie Dimon is receiving $34.5 million for 2021. Goldman Sachs Group Inc (NYSE:) CEO David Solomon and Morgan Stanley (NYSE:) CEO James Gorman are both getting $35 million, while Brian Moynihan, CEO of Bank of America Corp (NYSE:), is receiving $32 million.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.