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Sources tell FOX Business’s Charlie Gasparino that Citigroup’s new CEO Jane Fraser is getting high marks from employees for their past work at the company.
Citigroup Inc said Friday night that outgoing CEO Mike Corbat’s compensation for 2020 will be $ 19 million, down 21% from 2019, according to a regulatory filing.
Directors of the company reduced Corbat’s incentive compensation for its inability to respond effectively to regulators’ risk and oversight issues, the bank said in a document.
JPMORGAN’S DIMON SEES NO INCREASE
In October, the bank agreed to pay a $ 400 million fine and develop a comprehensive remediation plan after US regulators identified “several long-standing shortcomings” and operational failures following an “error” that led the bank to mistakenly distribute nearly $ 1 billion of its own funds. .
Shortly after, the bank announced that Corbat would retire earlier than planned and that the bank would increase its investments in its operational systems by $ 1 billion.
New CEO Jane Fraser has made improving risk management and control systems a priority.
In addition, the members of the board of directors took into account the operational performance of the bank in 2019, market compensation levels for the role of CEO in comparable institutions and Corbat’s leadership when deciding his compensation. , according to the record.
The total includes a base salary of $ 1.5 million and an incentive bonus of $ 17.5 million.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| VS | 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 have shown restraint in executive compensation to reflect the financial impact of the coronavirus pandemic.
Bank of America Corp cut CEO Brian Moynihan’s compensation by more than 7% and that of Charlie Scharf, CEO of Wells Fargo & Co, fell 12% in 2020. JPMorgan Chase & Co held CEO Jamie Dimon’s annual salary .
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The compensation of Goldman Sachs Group Inc CEO David Solomon fell 36%, reflecting the bank’s role in the 1MDB scandal in Malaysia.
Morgan Stanley stood out among the top 6 American bankers in terms of salary increases. CEO James Gorman has seen his salary rise by 20%.
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