One exception is Jane Fraser of Citigroup, the parent company of entities including Citibank, whose pay rose from $22.5 million in 2021 to $24.5 million in 2022, per a quarterly filing Tuesday, according to Bloomberg.
“Notwithstanding challenging macroeconomic and geopolitical developments, under Ms. Fraser’s leadership Citi made solid progress on each of our priorities, and the compensation committee recognizes the strategic direction that took shape during 2022,” the board of company wrote in the filing.
The bulk of the compensation comes from stocks in the company, called restricted stock units (RSUs), which are often tied to meeting certain performance goals. Fraser’s ultimate payout depends upon how the company does, the Wall Street Journal noted.
Fraser’s 2022 pay package included a $1.5 million salary, a $3.45 million cash bonus and $19.6 million in stock awards, per Bloomberg.
CEO compensation has risen steadily since the late 1970s and often consists of several factors including base salaries, bonuses and stock options. One CEO, Mark Zuckerberg of Meta, takes an annual salary of $1. But others, like Cook, bring home enormous sums (a target of $49 million for 2023, even with a 40% pay cut).
Regulators fined Citigroup $400 million in October 2020 for what they said were issues in how the bank assesses risk. Former CEO Michael Corbat stepped down in early 2021 and the bank brought Fraser to the fore; her first full calendar year as CEO was 2022. One of her major goals is to meet demands from regulators, Bloomberg noted.
When many large companies are facing layoffs (even amid a strong job market), all of the CEOs of the major banks in the U.S. took pay cuts or kept their pay the same, the outlet outlined.
Brian Moynihan of Bank of America took a cut, as did Solomon and James Gorman of Morgan Stanley. Jamie Dimon of JPMorgan and Charlie Scharf of Wells Fargo’s pay stayed the same. Despite her raise, Fraser still makes less than most of them.