Citigroup Chief Executive Jane Fraser received a roughly 6% year-over-year elevate final 12 months, bringing her whole 2023 compensation to $26 million, the financial institution mentioned on Tuesday, citing what it mentioned had been her “sound” strategic priorities.
Fraser’s whole compensation bundle for 2023 included a $1.5 million base wage, a $3.675 million money incentive and round $20.8 million in deferred incentives, like deferred inventory and efficiency share models.
That determine wasn’t as excessive as a few of her CEO counterparts at different massive banks. But Citigroup
C,
in a submitting, mentioned that below Fraser’s management, the financial institution had taken large strides to simplify operations — by way of a pullback from its markets outdoors the U.S. — strengthened its wealth enterprise and improved shareholder returns.
The submitting additionally mentioned she had taken steps to handle regulatory considerations. The Federal Reserve in 2020 informed Citi to tighten up its risk-management controls. In a associated motion at the moment, the Office of the Comptroller of the Currency hit the financial institution with a high-quality.
The submitting on Tuesday additionally cited what it mentioned had been “the most consequential set of changes to its organizational and management model since the 2008 financial crisis.”
Under her management, the financial institution has shed administration layers, created a “client organization” extra instantly answerable for dealing with purchasers, and reorganized the corporate in order that its prime enterprise leaders reported on to her.
Shares of Citigroup had been up 0.2% after hours, after ending 1% larger throughout common buying and selling hours.
While the inventory is up 11% over the previous 12 months, it’s nonetheless down over the previous three years, and nonetheless effectively down from ranges earlier than the 2008 monetary disaster. The firm final 12 months grew gross sales by 4%, however web revenue fell 38% from 2022.
JPMorgan Chase & Co.
JPM,
is giving Chief Executive Jamie Dimon $36 million in compensation for final 12 months, up from $34.5 million within the prior 12 months. Wells Fargo
WFC,
mentioned its board authorised $29 million for CEO Charlie Scharf. That was the identical quantity authorised for Bank of America Corp.
BAC,
CEO Brian Moynihan, which was down barely from 2022.
Goldman Sachs
GS,
Chief Executive David Solomon’s compensation final 12 months was $31 million. For Morgan Stanley CEO James Gorman, that determine was $37 million.
Source web site: www.marketwatch.com
