An American multinational investment bank and financial services corporation, Citigroup Chief Executive Officer (CEO) Jane Fraser will receive a salary hike of 9%.
Jane Fraser has been associated with Citigroup since July 2004. She joined the group as a Head of Client Strategy. According to Bloomberg reports, The pay has increased from $22.5 million in 2021 to $24.5 million in 2022, per a quarterly filing.
The board of the company wrote in the filing, “Notwithstanding challenging macroeconomic and geopolitical developments, under Ms. Fraser’s leadership Citi made solid progress on each of our priorities, and the compensation committee recognizes the strategic direction that took shape during 2022.”
However, the Citigroup growth forecast has also been raised even though the global economy is expected to grow at the slowest pace in 40 years.
Pay Cut of Other CEOs
In mid of layoffs, a few CEOs have also taken salary cuts. However, Apple Chief Executive Officer (CEO) Tim Cook will take a 40% pay cut in 2023.
The pay cut was based on the balance sheet feedback, Apple’s exceptional performance, and a recommendation. The current salary of Tim Cook was USD 49 million (Rs 3,98,75,71,000) in 2023.
Earlier, Tim Cook earned USD 99.4 million in 2022. The salary package includes USD 3 million in base salary, about USD 83 million in stock awards, and a bonus. In 2021 his previous salary was USD 98.7 million.
Secondly, Goldman Sachs Group Inc. cut Chief Executive Officer David Solomon’s compensation by about 30% to $25 million for 2022. The compensation was $35 million in 2021.