Citigroup CEO's pay rises 6% to $26 MILLION despite bank slashing 20,000 jobs and posting a $1.8 BILLION loss last quarter (and her raise is even bigger than Jamie Dimon's!)
- Citigroup posted a $1.8 billion loss in the last financial quarter of 2023
- Firm is also set to slash 20,000 jobs - 10% of its workforce - in the next two years
- However, Fraser remains poorly compensated compared to her male peers
Citigroup CEO Jane Fraser has received a 6 percent pay rise to take her annual salary to $26 million - despite the bank slashing 20,000 employees and posting a $1.8 billion loss last quarter.
Fraser's salary boost was a higher percentage rise than the one handed to JPMorgan Chase CEO Jamie Dimon whose firm made the biggest annual profit in the history of US banking last year.
Despite the pay boost, she still remains poorly compensated compared to her male peers.
Dimon's pay increased by 4.5 percent to $36 million while Goldman Sachs CEO David Solomon was awarded a 24 percent increase to $31 million.
The bank's board justified the boost due to Fraser's oversight of 'the most consequential set of changes to its organizational and management model since the 2008 financial crisis.'
Citigroup CEO Jane Fraser has received a 6 percent pay rise to $26 million despite the bank slashing 20,000 employees and posting a $1.8 billion loss last quarter
It comes amidst a jobs bloodbath at the bank which will see 10 percent of its workforce laid off over the next two years. It equates to 20,000 employees
Citigroup declined to comment further when approached by DailyMail.com.
Her pay packet is made up 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 a filing to the Compensation Committee.
It comes after Citigroup reported a $1.8 billion fourth-quarter loss in 2023 which was driven by hefty charges connected to last year's regional banking crisis and overseas risks.
At the time Fraser, who was born in the UK, labelled the performance 'disappointing.'
The firm is also in the midst of a mass restructuring which will see 20,000 jobs - or 10 percent of its workforce - axed over the next two years.
The layoffs form part of a sweeping overhaul at the bank - known internally as 'Project Bora Bora' - intended to slash management levels and simplify operations.
The bloodbath is expected to save the company $2.5 billion in total.
Dimon's pay increased by 4.5 percent to $36 million while Goldman Sachs CEO David Solomon was awarded a 24 percent increase to $31 million
Fraser's salary boost was a higher percentage rise than the one handed to JPMorgan Chase CEO Jamie Dimon whose firm made the biggest annual profit in the history of US banking last year
Fraser was named Citigroup CEO in 2020 and officially assumed the role in March 2021.
As the first female CEO in the bank's history, she is also the first woman to run a major Wall Street Bank.
Fraser notably hit headlines back in 2021 after implementing strict work-life boundaries for employees.
In a memo sent to its global staff, Fraser called for 'Zoom-free Fridays' which banned video calls on the last day of the week.
On top of that she encouraged staff to limit scheduling calls outside of traditional working hours and on weekends.
The changes were designed to prevent burnout among colleagues and formed part of Fraser's mission to make Citigroup a 'bank with a soul.'
