Sources tell Charlie Gasparino, FOX Business, that Jane Fraser, the new CEO of Citigroup, scored high marks from employees for previous work at the firm.
Citigroup Inc. said late Friday that retiring general manager Mike Corbat’s compensation for 2020 would be $ 19 million, a decrease of 21% compared to 2019, according to a regulation.
The bank directors reduced Corbat’s incentive pay because it did not deal effectively with the risk and control problems of regulators.
JPMORGAN’S DIMON SEES NO REMOVAL OF PAYMENT
In October, the bank agreed to pay a $ 400 million fine and draw up a comprehensive reorganization plan after U.S. regulators identified a number of long-standing shortcomings and operational deadlines after a “mistake” that caused the bank to distributed nearly $ 1 billion of its own funds. .
Shortly afterwards, the bank announced that Corbat would retire earlier than expected, and that the bank would increase its investment in its operating systems by $ 1 billion.
Incoming CEO Jane Fraser highlighted the improvement of risk and control systems as a priority.
In addition, board members considered the bank’s operating performance in 2019, the market levels for the CEO’s role at peer institutions and Corbat’s leadership, according to the documentation.
The total consists of $ 1.5 million in base salary and an incentive grant of $ 17.5 million.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| C | 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% |
| MS | MORGAN STANLEY | 74.58 | +0.80 | + 1.08% |
Elsewhere on Wall Street, banks have shown restraint in executives’ compensation to reflect the financial impact of the coronavirus pandemic.
Bank of America Corp has reduced the salary of CEO Brian Moynihan by more than 7%, and Charlie Scharf, CEO of Wells Fargo & Co, has fallen by 12% in 2020. JPMorgan Chase & Co achieved CEO Jamie Dimon’s annual salary level.
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The salary of David Solomon, CEO of Goldman Sachs Group Inc, has tumbled 36%, reflecting the bank’s role in the 1MDB scandal in Malaysia.
Morgan Stanley has acted among the top six U.S. bankers in raising payments. CEO James Gorman saw his salary increase by 20%.