(Reuters) -Citigroup Inc Chief Government Officer Jane Fraser might be paid $22.5 million for 2021, a 31.6% enhance from the earlier yr when she was the president of the financial institution and the pinnacle of its shopper companies, the financial institution disclosed on Monday.
Citigroup administrators cited Fraser’s skill to ascertain a transparent set of priorities aimed toward rising long-term shareholder worth among the many causes behind the compensation.
Fraser formally took the helm at Citi final February after being named as Mike Corbat’s successor in 2020. She has been tasked with simplifying the financial institution’s construction and getting its profitability on par with rivals.
Fraser was paid $17.1 million for 2020.
Citi had slashed Corbat’s pay by 21% to $19 million for his closing yr within the job because the pandemic hit the financial institution’s earnings and shortcomings emerged in its danger controls.
Fraser’s compensation is lower than that beforehand introduced for extra skilled CEOs of different huge banks, that are extra worthwhile.
JPMorgan Chase & Co head Jamie Dimon is receiving $34.5 million for 2021. Goldman Sachs Group Inc CEO David Solomon and Morgan Stanley CEO James Gorman are each getting $35 million, whereas Brian Moynihan, CEO of Financial institution of America Corp, is receiving $32 million.
Reporting by David Henry in New York and Sohini Podder in Bengaluru; Enhancing by Aditya Soni