Written By Just when the world was beginning to think that Wall Street and its payouts were a thing of the past, Citigroup CEO Jane Fraser proves them wrong. Despite major setbacks at the bank due to the pandemic, resulting in major layoffs and cost-cutting initiatives, Fraser has just been offered a much deserved pay raise. This blog will explore how Jane Fraser’s leadership and commitment to making Citi a better place for everyone is paying off, not only for her but for investors too. We will also take a look at how this decision could shape corporate compensation standards and what it means for future CEOs.
Jane Fraser’s Background
Jane Fraser was born in Scotland and educated at the University of Edinburgh, where she received a degree in economics. She began her career as a management consultant with McKinsey & Company in London before moving to New York to join Citigroup in 2004. Fraser has held a variety of senior roles at the bank, including head of global consumer banking and head of Latin America. She was named CEO of Citigroup in February 2020, becoming the first woman to lead a major U.S. bank.
Fraser is widely respected on Wall Street for her deep understanding of the banking industry and her ability to navigate through difficult times. She was instrumental in steering Citigroup through the financial crisis of 2008-2009, when the bank was one of the hardest hit by the crisis. Under her leadership, Citigroup has returned to profitability and is now one of the strongest banks in the world.
Citigroup’s Recent Setbacks
In spite of a number of recent setbacks, Citigroup CEO Jane Fraser is set to receive a significant pay rise.
The banking giant has been hit hard by the pandemic, with share prices falling sharply since the beginning of the year. However, Fraser has managed to steer the company through these tough times and is now being rewarded with a pay package worth $24 million.
This includes a base salary of $2 million, as well as bonuses and stock options. It represents a significant increase on her previous package, which was worth $19 million.
Fraser has been credited with helping to turn Citigroup around following the financial crisis of 2008. She is seen as a safe pair of hands at the helm of the bank and is widely respected within the industry.
The pay rise comes as something of a surprise given the current climate, but it is deserved recognition for Fraser’s achievements.
Jane Fraser’s New Salary
In January of this year, it was announced that Citigroup CEO Jane Fraser would be receiving a raise in salary, bringing her total compensation to $24 million. This figure includes a base salary of $2 million, as well as stock options and other benefits.
The pay rise comes after a difficult few years for the bank, which has been beset by legal and financial problems. However, Fraser is widely credited with steering the bank through these challenges and is seen as a key part of its turnaround strategy.
With her new salary, Fraser becomes one of the highest-paid bank CEOs in the world. She is also the first woman to ever lead a major Wall Street bank, which is another significant milestone.
Despite the challenges faced by Citigroup in recent years, Jane Fraser has proven herself to be a competent and effective leader. Her new salary reflects her accomplishments and position within the company, and sets a precedent for other female executives on Wall Street.
How Jane Fraser’s Pay Rise Compares to Other CEOs
According to a recent report from Bloomberg, Citigroup CEO Jane Fraser is set to receive a pay raise of over $1 million. This comes as a bit of a surprise, considering the financial institution’s recent string of setbacks.
In comparison to other CEOs in the same industry, Fraser’s pay raise is certainly more modest. For instance, JPMorgan Chase & Co. CEO Jamie Dimon is set to receive a compensation package worth $31 million for his work in 2020. This includes a base salary of $2.5 million, as well as restricted stock units and performance-based bonuses.
While Fraser’s pay raise may seem small in comparison, it is important to remember that she is still relatively new to the role of CEO. She took over from Michael Corbat in February of 2020, and has since navigated the company through some difficult times. Considering this, her compensation package seems fair and deserving.
Conclusion
Jane Fraser’s pay rise is a well-deserved recognition of her hard work, commitment and dedication to ensuring Citigroup’s success. Wall Street may have its ups and downs but it doesn’t change the fact that she has done an exceptional job in leading the company during turbulent times. Her new salary package serves as a reminder that, even during challenging economic periods, top-level executives can be rewarded for their efforts with competitive salaries.
