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Million dollar bonus for bank boss – male colleagues are still better off

2024-02-21T21:12:03.561Z

Highlights: Million dollar bonus for bank boss – male colleagues are still better off. Citigroup even posted a loss of $1.8 billion in the fourth quarter of 2023. In September, CEO Jane Fraser unveiled plans for a massive restructuring of the group to boost profits and reward shareholders. 2024 should be a ‘turning point’ for the banking giant, as Jane Fraser explained. She wants to reduce bureaucracy in the vast Citi empire and make the financial institution more profitable. At the top is James Gorman, the head of Morgan Stanley, with a salary of $37 million.



As of: February 21, 2024, 10:06 p.m

By: Amy Walker

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According to a current report, the head of Citigroup Bank received a salary worth millions in 2023.

But compared to their male colleagues, this is little.

New York - The chairwoman of the major US bank Citigroup, Jane Fraser, received a total of 26 million US dollars (24 million euros) in salary in 2023.

This emerges from a document from the New York Stock Exchange.

Business Insider

first

reported on it.

The report shows that Fraser received a base salary of $1.5 million a year, with a bonus of $3.675 million on top.

The additional millions come from performance-related shares.

However, what Fraser earns is still relatively little compared to her male colleagues.

Morgan Stanley boss earns $37 million

According to

Business Insider,

the boards of other major banks in the USA received even more last year.

Goldman Sachs CEO David Solomon was reported to have earned $31 million, while JPMorgan Chase rewarded its CEO Jamie Dimon with $36 million.

At the top is James Gorman, the head of Morgan Stanley, with a salary of $37 million.

This significant difference could possibly be justified by the fact that Citigroup is doing worse economically than the other banks.

Citigroup even posted a loss of $1.8 billion in the fourth quarter of 2023.

The financial institution said it wanted to respond with further job cuts.

2024 should be a “turning point” for the banking giant, as Jane Fraser explained.

She wants to reduce bureaucracy in the vast Citi empire and make the financial institution more profitable. 

Citigroup CEO Jane Fraser earns a million-dollar salary.

© SAUL LOEB/AFP

The bank wants to cut 20,000 jobs in the medium term.

By 2026, Citigroup only wants to employ 180,000 people.

At the end of 2022, 240,000 people worked for the banking group worldwide.

Citigroup is considered one of the “Big Four” in US banking alongside JPMorgan Chase, Bank of America and Wells Fargo.

In September, CEO Jane Fraser unveiled plans for a massive restructuring of the group to boost profits and reward shareholders.

With material from Reuters

Source: merkur

All news articles on 2024-02-21

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