Citigroup Inc. awarded Chief Executive Officer Jane Fraser $24.5 million in pay for 2022, making her the only major US bank CEO to receive a bump in compensation for the year.
(Bloomberg) — Citigroup Inc. awarded Chief Executive Officer Jane Fraser $24.5 million in pay for 2022, making her the only major US bank CEO to receive a bump in compensation for the year.
In her first full year atop the company, Fraser, 55, was granted stock awards totaling about $19.6 million, a cash bonus of $3.45 million and $1.5 million in salary, the New York-based bank said in a filing Tuesday.
“Notwithstanding challenging macroeconomic and geopolitical developments, under Ms. Fraser’s leadership Citi made solid progress on each of our priorities, and the compensation committee recognizes the strategic direction that took shape during 2022,” Citigroup’s board said in the filing.
Fraser’s compensation last year marks a 8.9% increase from the $22.5 million she received in 2021, when she started off the year as president before assuming the CEO role in March. The move comes after rivals Bank of America Corp. and Goldman Sachs Group Inc. cut CEO pay, while JPMorgan Chase & Co. and Wells Fargo & Co. left theirs unchanged.
Citigroup’s profits plummeted 32% last year after costs soared and the bank was forced to set aside more reserves to cover souring loans. The company has been spending more on shoring up internal controls to satisfy years-old consent orders from regulators.
Fraser has sought to turn around the bank by shedding more than a dozen retail units around the world as well as focusing on steadier streams of revenue from businesses such as treasury services and wealth management.
Those efforts have started to bear fruit: In the final six months of last year, the firm’s treasury and trade solutions division took in $6.5 billion in revenue, up 38% from a year earlier. It was the first time in at least a decade that the unit pulled in more than Citigroup’s fixed-income traders during the last half of the year.
At $24.5 million, Fraser’s pay is still less than that of most of her major rivals. Fraser is the only woman atop a major US bank.
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