Dwell information: Asian shares down after financial information knocks Wall Avenue to steepest fall in 2 months

Citigroup paid chief government Jane Fraser $24.5mn for 2022, up 8.9 per cent and making her the one massive US financial institution chief government to obtain a pay bump amid a difficult yr for the business.

In a regulatory submitting on Tuesday, Citi mentioned Fraser’s pay consisted of a $1.5mn base wage and a $23mn bonus paid in a mixture of money, deferred inventory and efficiency share models.

Citi paid Fraser $22.5mn for her work in 2021, when she took over as chief government on the finish of February, changing Mike Corbat.

The pay hike bucks the broader pattern amongst massive US banks, which tended to both lower or cut back pay to their chief executives in 2022 amid a slowdown in income.

“However difficult macroeconomic and geopolitical developments, below Ms. Fraser’s management Citi made stable progress on every of our priorities, and the compensation committee acknowledges the strategic route that took form throughout 2022,” Citi mentioned in its submitting.

Goldman Sachs chief government David Solomon noticed his pay fall virtually 30 per cent to $25mn for 2022, whereas Morgan Stanley boss James Gorman had his pay lower 10 per cent to $31.5mn. Longtime JPMorgan Chase chief government Jamie Dimon’s pay was unchanged at $34.5mn.

Fraser is main Citi by way of a restructuring that’s seeing the financial institution retrench from lots of its abroad retail operations whereas it additionally grapples with a 2020 consent order with US regulators below which it agreed to improve its processes and expertise.

Financial institution of America chief government Brian Moynihan was paid $30mn in 2022, down from $32mn a yr earlier.

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