Citigroup CEO Jane Fraser’s compensation rose to $26 million in 2023 even as the organisation suffered a "very disappointing" final quarter last year.
In a filing on Tuesday, Citigroup said it increased Fraser’s compensation by about 6%.
Along with her base salary of $1.5 million, she received a cash bonus of $3.7 million and $20.8 million in deferred performance-linked stock.
According to the New York Post, the bank’s board said Fraser’s compensation was related to her execution of “the most consequential set of changes to its organizational and management model since the 2008 financial crisis.”
The British-American banking executive has been CEO of Citigroup since March 2021. With this appointment, she became the first woman to head a major US bank.
Citigroup plans to cut 20,000 jobs over the next couple of years as part of a corporate reorganization designed to boost profits and return cash to shareholders, the US bank said last month.
The move will put headcount at about 180,000 in the 2026 time period, down from 240,000 at the end of 2022 -- while also reflecting the expected spinoff of Citi's Mexico subsidiary, Banamex.
"Last month we announced consequential changes that align our organizational structure with our strategy and changes how we run the bank," Fraser said. "When completed, we will have a simpler firm that can operate faster, better serve our clients and unlock value for our shareholders."
Overall, Citi reported a fourth-quarter loss of $1.9 billion compared with profits of $2.5 billion in the 2022 period. Revenues fell three percent to $17.4 billion.
(With inputs from AFP)
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