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Jane Fraser, chief executive officer for Latin American at Citigroup Inc., smiles during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019. The conference brings together leaders in business, government, technology, philanthropy, academia, and the media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: Kyle Grillot/Bloomberg via Getty Images
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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.
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 received an increase of 24%.
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