Citigroup raises CEO’s 2022 pay to $24.5mln

Leading bank Citigroup increases first female CEO Jane Fraser’s compensation by nine percent to be $24.5 million for 2022 up from $22.5 million last year, its statement said on Tuesday.

Bank’s filing showed Fraser’s base salary was $1.5 million, cash incentive was $3.45 million, deferred incentives included $8.05 million in deferred stock and $11.5 million of performance share units.

The CEO’s pay is still less than JPMorgan and Chase CEO, Jamie Dimon’s $34.5 million pay and Morgan Stanley CEO James Gorman’s $31.5 million pay.

Citigroup reported a 21 percent fall in fourth-quarter profit last month, as the bank increased provisions to prepare for a worsening economy and a decline in investment banking revenue due to a sharp drop in deal-making activity.