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Citigroup raises CEO Jane Fraser's 2023 pay by 6% to $26 million

Published 02/20/2024, 05:20 PM
Updated 02/20/2024, 06:37 PM
© Reuters. FILE PHOTO: Citigroup CEO Jane Fraser looks on during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. REUTERS/Evelyn Hockstein/File Photo
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By Tatiana Bautzer

(Reuters) -Citigroup increased Chief Executive Officer Jane Fraser's compensation by about 6% to $26 million for 2023, the lender said in a filing on Tuesday.

Her pay was comprised of a base salary of $1.5 million, cash bonus of $3.7 million and $20.8 million in deferred performance-linked stock, according to the filing.

Fraser's compensation was determined by her execution of "the most consequential set of changes to its organizational and management model since the 2008 financial crisis" and the sale of international businesses, the bank's board wrote.

© Reuters. FILE PHOTO: Citigroup CEO Jane Fraser looks on during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. REUTERS/Evelyn Hockstein/File Photo

While "recognizing that there is substantial additional work to be done," the board cited Fraser's work on fixing problems in risk management to address regulatory punishments that date back to 2020.

Among peers on Wall Street, JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon's compensation climbed 4.3%, while Morgan Stanley's former CEO James Gorman got pay bump of 17% and Goldman Sachs CEO received an increase of 24%.

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