Citigroup has lifted chief executive Jane Fraser’s pay by 6 per cent in 2023 to $26mn, despite the bank’s profits falling almost 40 per cent amid a sweeping reorganisation.
The bank said in a regulatory filing on Tuesday that her remuneration, consisting of $1.5mn in base salary and a $24.5mn bonus, was based on Fraser streamlining Citi’s strategy and announcing “the most consequential set of changes to its organisational and management model since the 2008 financial crisis”.
The changes Fraser outlined last year are resulting in at least 20,000 job cuts at Citi, the third-largest US bank by assets.
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