CITIGROUP lifted chief govt officer Jane Fraser’s pay about 6 per cent to US$26 million for a yr wherein she kicked off a significant overhaul of the Wall Street big to simplify operations and increase profitability.
The New York-based financial institution awarded Fraser a complete of US$1.5 million in wage and US$24.5 million in stock-based and money incentive awards for 2023, it stated in a submitting on Tuesday. Fraser, who’s been in her publish since March 2021, was the one main financial institution CEO to get a increase for 2022, a transfer largely attributed to it being her first full yr working the corporate.
The improve in pay comes after Fraser initiated what’s billed as the most important transforming of Citigroup in a long time, designed to propel the agency from a banking underdog to 1 aggressive with its extra worthwhile friends. Last month, the financial institution stated it could reduce 20,000 roles in its bid to spice up returns.
Citigroup’s shares rose almost 14 per cent final yr after three consecutive years of declines. Net revenue, nevertheless, dropped by 38 per cent as income slowdowns throughout the financial institution’s markets, wealth and banking divisions had been compounded by rising bills because of investments throughout many of the enterprise.
The pay package deal for Fraser, the one feminine head of a US banking big, stays the bottom of her cohort.
Goldman Sachs Group Inc lifted pay for CEO David Solomon by 24 per cent to US$31 million, whilst revenue dropped by the identical proportion. Morgan Stanley’s James Gorman received a 17 per cent bump to US$37 million for his ultimate yr as CEO, whereas JPMorgan Chase & Co. raised Jamie Dimon’s pay 4.3 per cent to US$36 million.
Wells Fargo & Co. CEO Charlie Scharf received an 18 per cent hike to US$29 million, whereas Brian Moynihan was the one chief to get a reduce. His pay fell 3 per cent to US$29 million. BLOOMBERG
Source: www.businesstimes.com.sg”