Citigroup Chief Government Jane Fraser will take dwelling complete compensation of $22.5 million for 2021 — a virtually 32% improve from the earlier yr, the financial institution mentioned Monday.
Fraser was Citi’s president and head of the patron enterprise for the 2020 pay interval. She’s the first female CEO of a major US financial institution.
Citigroup administrators cited Fraser’s potential to determine a transparent set of priorities aimed toward growing long-term shareholder worth among the many causes behind the compensation.
The Scottish-born Fraser has been with Citi since 2004 and at the moment oversees the financial institution’s large world shopper banking operation. Earlier than becoming a member of Citi, she was a associate at McKinsey & Co.
Fraser formally took the helm at Citi final February after being named as Mike Corbat’s successor in 2020. She has been tasked with simplifying the financial institution’s construction and getting its profitability on par with rivals. Fraser was paid $17.1 million for 2020.
Citi had slashed Corbat’s pay by 21% to $19 million for his remaining yr within the job because the pandemic hit the financial institution’s earnings and shortcomings emerged in its danger controls.
Fraser’s compensation is lower than that beforehand introduced for extra skilled CEOs of different massive banks, that are extra worthwhile.
JPMorgan Chase & Co head Jamie Dimon is receiving $34.5 million for 2021. Goldman Sachs Group Inc CEO David Solomon and Morgan Stanley CEO James Gorman are both getting $35 million, whereas Brian Moynihan, CEO of Financial institution of America Corp, is receiving $32 million.
