Sources tell FOX Business’ Charlie Gasparino that Citigroup’s new CEO, Jane Fraser, is getting high marks from employees for past work at the company.
Citigroup Inc said late Friday that outgoing Chief Executive Officer Mike Corbat’s compensation for 2020 would be $ 19 million, down 21% from 2019, according to a legal filing.
Company executives lowered Corbat’s pay for his failure to efficiently address regulators’ risk and control issues, the bank said in a filing.
JPMORGAN’S DIMON DOES NOT SEE AN INCREASE IN PAYMENT
In October, the bank agreed to pay a $ 400 million fine and draft a sweeping recovery plan after U.S. regulators identified “ several protracted failures ” and identified operational failures as a result of a “ mistake ” that caused that the bank falsely distributed nearly $ 1 billion in its own funds. .
Shortly afterwards, the bank announced that Corbat would retire earlier than expected and that the bank would increase investment in its operating systems by $ 1 billion.
New CEO Jane Fraser has emphasized improving risk and control systems as a priority.
In addition, board members took into account the bank’s operational performance in 2019, the market level of remuneration for the CEO role at peer institutions, and Corbat’s leadership in determining his compensation, the filing said.
The total consists of $ 1.5 million in base salary and an incentive bonus of $ 17.5 million.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| 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% |
| MRS | MORGAN STANLEY | 74.58 | +0.80 | + 1.08% |
Elsewhere on Wall Street, banks showed reluctance to reward executive directors to reflect the financial impact of the coronavirus pandemic.
Bank of America Corp lowered CEO Brian Moynihan’s salary by more than 7%, and Wells Fargo & Co CEO Charlie Scharf’s salary fell 12% in 2020. JPMorgan Chase & Co retained CEO Jamie Dimon’s annual salary.
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Goldman Sachs Group Inc CEO David Solomon’s salary fell 36%, reflecting the bank’s role in the 1MDB scandal in Malaysia.
Morgan Stanley stood out in the top 6 US bankers for rising wages. CEO James Gorman saw his salary increase by 20%.