Citigroup raises Fraser’s pay by 32% after appointing her as CEO

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FILE PHOTO: Citigroup Latin America CEO Fraser addresses Brazil-U.S. Business forum

-Citigroup Inc Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and the head of its consumer businesses, the bank disclosed on Monday.

Citigroup directors cited Fraser’s ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation.

Fraser formally took the helm at Citi last February after being named as Mike Corbat’s successor in 2020. She has been tasked with simplifying the bank’s structure 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 final year in the job as the pandemic hit the bank’s profits and shortcomings emerged in its risk controls.

Fraser’s compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable.

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, while Brian Moynihan, CEO of Bank of America Corp, is receiving $32 million.

(Reporting by David Henry in New York and Sohini Podder in Bengaluru; Editing by Aditya Soni)