Last Update: February 23, 2023, 10:26 IST
Citigroup Chief Executive Officer Jane Fraser (File photo/Reuters)
Fraser’s total salary in 2021 was $22.5 million.
Citigroup (CN) will boost Chief Executive Officer Jane Fraser’s compensation by nearly 9% to $24.5 million for 2022, the lender said in a filing on Tuesday.
Fraser’s total salary in 2021 was $22.5 million.
She takes over as the first female chief executive of a major Wall Street bank in February 2021.
His pay is still less than JPMorgan & Chase Co’s JPM.N CEO Jamie Dimon’s $34.5 million and Morgan Stanley’s (MS.N) CEO James Gorman’s $31.5 million.
Fraser’s base salary was $1.5 million, his cash incentive was $3.45 million and his deferred incentives included $8.05 million in deferred stock and $11.5 million in performance share units, the filing showed.
Citigroup reported a 21% drop in fourth-quarter profit last month, missing forecasts, as the bank increased provisions to prepare for a worsening economy and a sharp decline in dealmaking activity offset investment banking revenue.
Citigroup last year submitted a comprehensive multi-year plan to the Federal Reserve and the Office of the Comptroller of the Currency, outlining steps to fix weaknesses in its risk management and internal controls.
Citigroup said Tuesday that it provides regulators with the progress of its plans and remedial efforts on an ongoing basis and is working constructively with regulators to seek their feedback.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)