Search Mark
Home / Industry Dynamics

Citigroup Raises CEO Jane Fraser’s Pay To USD 26 Million 

Today’s News 

Citigroup increased CEO Jane Fraser's pay by 6% to USD 26 million in 2023. 

Image Source: Bloomberg
Citigroup increased CEO Jane Fraser’s pay by 6% to USD 26 million in 2023. 
Image Source: Bloomberg 

Citigroup has increased CEO Jane Fraser’s compensation by 6% to USD 26 million for the year 2023, despite the bank experiencing a nearly 40% decline in profits during a comprehensive reorganization. The details were disclosed in a regulatory filing, revealing that Fraser’s remuneration includes a USD 1.5 million base salary and a USD 24.5 million bonus. The decision is attributed to Fraser’s strategic streamlining of Citigroup, described as “the most consequential set of changes to its organizational and management model since the 2008 financial crisis.” 

Fraser, who assumed the role of CEO in early 2021, was tasked with revitalizing Citigroup after years of underperformance compared to its peers. Her outlined strategy involves significant job cuts, with at least 20,000 positions slated for elimination. Additionally, plans to withdraw from retail banking in 14 overseas markets have been announced. 

The CEO is also actively working to release Citigroup from a 2020 consent order with banking regulators, necessitated by a USD 900 million mistaken wire transfer to creditors of a client, Revlon. 

Comparable adjustments in CEO pay have been observed in other major banks, such as JPMorgan Chase, Morgan Stanley, and Goldman. While JPMorgan’s Jamie Dimon saw a 4% increase to USD 36 million, Morgan Stanley’s James Gorman experienced a 17.5% YoY rise to USD 37 million. Goldman elevated David Solomon’s pay by 24% to USD 31 million. In contrast, Bank of America reduced CEO Brian Moynihan’s pay by 3%, or USD 1 million, to USD 29 million. 

Citigroup emphasized that the compensation committee, within its board of directors, considered competitive market pay levels for CEOs of peer institutions when determining Fraser’s remuneration. 

Other News

Mizuho Targets Top 10 In Global Investment Banking 

Japanese bank Mizuho sets sights on the top 10 global investment banking ranking, fueled by a successful year and strategic acquisitions, aiming to challenge bulge-bracket banks’ dominance. 

Goldman Veteran O’Connor As Global X ETF Manager CEO 

Goldman Sachs veteran Ryan O’Connor takes the reins as CEO at Global X, the USD 43 billion ETF manager, amidst a series of executive departures and strategic repositioning. 

Wall Street Skepticism Over Mixed Economic Signals 

Inconsistent economic reports, including surprising inflation and job market anomalies, spark skepticism on Wall Street. Analysts are debating the significance of January data. 

Share to

Industry Dynamics

Oil Prices Rise Ahead of Anticipated Fed Rate Cuts

Oil prices increased in early trading on Monday as investors awaited signs that the Federal Reserve might start reducing interest rates as early as September. By early GMT, Brent crude had risen by 48 cents to USD 83.10 a barrel, while U.S. West Texas Intermediate crude gained 42 cents, reaching USD 80.55. 

2024-7-22 | Industry Dynamics

Apax, Bain, and CVC Consider Bids for SoftwareOne

Private equity giants Apax Partners, Bain Capital, and CVC are each considering placing bids for SoftwareOne, according to sources familiar with the matter. This development comes three months following the removal of the Swiss software company's board.

2024-7-19 | Industry Dynamics

Weekly Economic Calendar for July 22nd to 26th, 2024

Weekly Economic Calendar for July 22nd to 26th, 2024

2024-7-19 | Industry Dynamics