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Citigroup raises CEO Jane Fraser’s 2023 pay by 6% to $26 million
Global Banking & Finance Review®
Company
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.
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 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%.
(Reporting by Pritam Biswas in Bengaluru and Tatiana Bautzer in New York; Editing by Shailesh Kuber and Lananh Nguyen)
Executive compensation refers to the financial payment and benefits provided to high-level management in a company, including salaries, bonuses, stock options, and other incentives.
A cash bonus is a monetary reward given to employees in addition to their regular salary, often based on performance or company profits.
Performance-linked stocks are shares awarded to employees that vest based on the achievement of specific performance metrics, aligning their interests with the company's success.
A base salary is the initial rate of compensation an employee receives, not including bonuses, benefits, or other forms of additional pay.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, ensuring accountability and transparency in its operations.
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