Sources told Charlie Gasparino of FOX Business that Citigroup’s new CEO, Jane Fraser, receives high marks from employees for previous work at the company.
Citigroup Inc. said on Friday that CEO Mike Corbat’s compensation for 2020 would be $ 19 million, a 21% decrease from 2019, according to a regulatory document.
Company directors have reduced Corbat’s incentive payments for its failures to deal with risk and regulators’ control concerns, the bank said in a filing.
JPMORGAN’S DIMON DOES NOT SEE PAYMENT INCREASE
In October, the bank agreed to pay a $ 400 million fine and outline a comprehensive remediation plan after US regulators identified “several long-standing deficiencies” and operational lapses after an “error” that caused the bank to distribute by mistake. almost $ 1 billion of its own funds.
Soon after, the bank announced that Corbat would retire earlier than expected and increase investment in its operating systems by $ 1 billion.
New CEO Jane Fraser highlighted improving risk and control systems as a priority.
In addition, board members took into account the bank’s operating performance in 2019, market remuneration levels for the role of CEO at similar institutions and Corbat’s leadership in deciding its remuneration, according to the document.
The total is comprised of $ 1.5 million base salary and an incentive award of $ 17.5 million.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| Ç | CITIGROUP INC. | 63.63 | +0.43 | + 0.68% |
| BAC | BANK OF AMERICA CORP. | 33.37 | +0.49 | + 1.49% |
| WFC | WELLS FARGO & COMPANY | 33.52 | +0.83 | + 2.54% |
| JPM | JP MORGAN CHASE & CO. | 141.25 | +1.98 | + 1.42% |
| GS | GOLDMAN SACHS GROUP INC. | 306.32 | +4.00 | + 1.32% |
| in | MORGAN STANLEY | 74.58 | +0.80 | + 1.08% |
Elsewhere on Wall Street, banks have shown moderation in executive pay to reflect the financial impact of the coronavirus pandemic.
Bank of America Corp reduced CEO Brian Moynihan’s salary by more than 7%, and Wells Fargo & Co CEO Charlie Scharf’s salary fell 12% in 2020. JPMorgan Chase & Co maintained CEO Jamie’s annual salary Stable dimon.
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Goldman Sachs Group Inc CEO David Solomon’s salaries fell 36%, reflecting the bank’s role in the 1MDB scandal in Malaysia.
Morgan Stanley stood out among the 6 biggest bankers in the US in terms of salary increases. CEO James Gorman saw his salary rise by 20%.