Home » Citigroup has increased its CEO’s salary to $26 million

Citigroup has increased its CEO’s salary to $26 million

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Citigroup has increased its CEO’s salary to $26 million

Jane Fraser

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Citigroup CEO Jane Fraser will receive a 6 percent raise in 2023, according to an SEC report. Fraser led the bank’s restructuring, which will result in 20,000 job cuts by 2026. Despite the raise, Fraser’s compensation is still below that of her male colleagues at Goldman Sachs, JPMorgan Chase and Morgan Stanley.

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Citigroup CEO Jane Fraser received a 6 percent pay raise in 2023, according to a new report SEC Notice comes as the banking giant prepares to cut thousands of jobs over the next few years.

Fraser received $26 million (€24 million) in 2023; most of her salary consisted of performance shares and cash incentives. According to the documents, Citigroup concluded that Fraser made the “most consequential changes to its organizational and management model since the 2008 financial crisis.”

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This organizational changes include dividing the bank into five business areas – services, trading, retail banking, banking and wealth management – and cutting 20,000 jobs.

The documents note that Fraser still has “significant additional work to do” at the company, which saw a 38 percent decline in profits last year.

Fraser still received one of the lowest salaries among her male bank colleagues

“The Compensation Committee’s determination of Ms. Fraser’s performance compensation for 2023 reflects the belief that Ms. Fraser’s strategic and other priorities are sound and that she is implementing them expeditiously and prudently with the goal of achieving long-term, sustainable growth, “to promote improved returns and increased security and soundness,” the application states.

Fraser still received one of the lowest salaries among her male bank colleagues. The CEO from Goldman Sachs, David Solomonreceived $31 million (€29 million) last year CEO of JPMorgan ChaseJamie Dimonreceived $36 million (€33 million) and Morgan Stanley CEO James Gorman, was rewarded with 37 million dollars (34 million euros).

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Fraser, who was named CEO of Citigroup in 2021, led the bank’s restructuring, which bis 2026 will lead to the loss of 20,000 jobs. In 2023, the company will also eliminate 10 percent of senior management positions, as Bloomberg reported.

The bank, which said it had a “very disappointing” fourth quarter of 2023, said its new restructuring could save the company $2.5 billion (€2.3 billion) and deliver returns for shareholders ‘couldn’t.

Citigroup isn’t the only financial company laying off employees in 2024: thousands of employees across the US, from Google to Microsoft, will this year dismissed.

Citigroup representatives declined to comment to Business Insider.

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