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Citigroup, amid layoffs, gives CEO Jane Fraser bigger pay raise than Jamie Dimon

By
Reuters
Published Feb. 20, 2024, 7:11 p.m. ET

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.

Citi CEO Jane Fraser
CEO Jane Fraser’s 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. REUTERS

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 David Solomon received an increase of 24%.

JPMorgan's Jamie Dimon
JPMorgan’s Jamie Dimon received a 4.3% increase in compensation for 2023. Michael Brochstein/SOPA Images/Shutterstock

Citi shares, which closed at $55.42 on Tuesday, are up nearly 8% this year.