CitiGroup chief executive Jane Fraser was handed a 6% pay increase in 2023 to US$26 million as the bank planned its largest restructuring in decades.
Fraser was paid a US$1.5 million base salary and granted a US$24.5 million bonus ahead of the reshuffle, which is set to see 20,000 jobs cut over the coming months.
Citi laid out the plans to cut its workforce by 10% last month, with this set to take place by 2025 or 2026.
News of Fraser’s pay increase also comes after Citi reported a US$1.8 billion quarterly loss - its worst since the financial crisis - due to costs of restructuring, exiting Russia and a hit from Argentina’s devaluing currency.
According to Citi’s compensation committee, “competitive market levels of pay for CEOs of peer institutions” were taken into account.
Bank of America and JP Morgan bosses, Brian Moynihan and Jamie Dimon, were paid US$29 million and US$36 million respectively over the year.