The bosses of the largest banks in Wall Street all obtained pay bumps, but the largest increase belonged to the CEO of Citigroup (C), Jane Fraser.
The total remuneration of 2024 of Fraser increased by around a third to 34.5 million dollars, according to A new file On Tuesday, when she was sailing in the New York financial giant thanks to an effort to improve its safety and profitability.
So far this year, Citigroup’s shares have surpassed all peers with a jump of around 20%. Last year, Citigroup’s shares jumped 37% with other major banks on optimism concerning interest rates and the new Trump administration.
The new Fraser Prize – which was up $ 26 million for 2023 – reflected the “belief of the board of directors that the strategic and other priorities of Ms. Fraser are solid and that it is quickly and thoughtful “, according to the Citigroup deposit.
The CEO of Goldman Sachs (GS), David Solomon, collected the increase in the second largest remuneration among the big banks while his total salary of 2024 reached $ 39 million. The CEO of JPMorgan Chase (JPM), Jamie Dimon, received the same total, tied for the highest note among their rivals.
The CEO of Bank of America (BAC), Brian Moynihan, received 35 million dollars, and the boss of Morgan Stanley (MS), Ted Pick, obtained $ 34 million during his first year as CEO.
The lowest payment – $ 31.2 million – I went to the CEO of Wells Fargo (WFC), Charles Scharf. He and the Bank based in San Francisco are in the midst of a recovery effort designed to eliminate the problems of the past.
Wells Fargo is waiting for banking regulators to raise a painful consent order linked to a false scandal of accounts which slipped the bank before Scharf took over; He forced the bank to enlarge for a better part of the decade.
The majority of wages of all the CEOs of large banks have come in the form of incentives linked to actions, as opposed to Cash.
At Citigroup, for example, Fraser received the same basic salary that it received the year before 1.5 million dollars and $ 4.95 million more in cash as an incentive price.
But an additional $ 11.55 million came in deferred stocks which are accompanied by market prices over four years as long as it reaches certain targets. The other half of Fraser’s salary came while the so -called performance -related sharing units that assess the company’s performance to shareholders.
Fraser was appointed CEO in September 2020 and officially resumed in March 2021.
Fraser had a lot to sail in 2024 while reorganizing the company around five main divisions: services, banking, markets, wealth and American personal bank.
Citigroup has increased its income from the five divisions newly defined to $ 81.1 billion, an increase of 3%.
