Citigroup CEO Jane Fraser gets a pay hike! Gets $24.5 million paycheck in 2022

Key Highlights:

• Citigroup Inc paid Chief Executive Jane Fraser $24.5 million for 2022, up by 9% from the previous year
• The bulk of her pay comes from stocks in the company, called restricted stock units (RSUs)
• She took over as the first female chief executive of a major Wall Street bank in February 2021
   

At a time when job cuts are impacting employees across sectors, Citigroup Inc paid Chief Executive Jane Fraser $24.5 million for 2022, up 9 per cent from the prior year.  

This comes at a time when top names like Morgan Stanley's CEO James Gorman and Goldman Sachs' CEO David Solomon were on the receiving end of pay cuts.

Fraser's base salary was $1.5 million, her cash incentive was $3.45 million and her deferred incentives included $8.05 million in deferred stock and $11.5 million of performance share units, the lender said in a filing, as per Reuters.

The bulk of her pay comes from stocks in the company, called restricted stock units (RSUs), which are usually tied to meeting certain performance goals.

Fraser's ultimate payout depends upon how the company does, the Wall Street Journal noted.

In 2021, when Fraser became the CEO of the company, she was paid $22.5 million. She took over as the first female chief executive of a major Wall Street bank in February 2021.

However, her pay is still below the $34.5 million of JPMorgan & Chase Co's CEO Jamie Dimon, and Morgan Stanley CEO James Gorman's $31.5 million.

Citigroup reported a 21 per cent fall in fourth-quarter profit last month, missing forecasts, as the bank increased provisions to prepare for a worsening economy and as investment banking revenue declined due to a sharp drop in dealmaking activity.

Citigroup said on Tuesday it provides regulators with its plans and progress on remediation efforts on an ongoing basis and is working constructively with the regulators to take their feedback.

(With Reuters inputs)

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