Jane Fraser, CEO, Citigroup, will enjoy a pay hike while most other executives across various financial institutions in the US are taking a pay cut. Fraser will get a 9 per cent raise, taking her salary up to $24.5 million a year. In 2021, she was earning about $22.4 million.
As reported by WSJ, Fraser’s salary comprises $1.5 mn in basic pay and $23 million in bonus, consisting of cash, deferred stock as well as performance share units.
The increment recognises Fraser’s contribution to Citi’s performance.
Incidentally, Citigroup’s growth forecast has also been raised even though the global economy is expected to grow at the slowest pace in 40 years.
The Citigroup economists predict that global growth will slow down this year to about 2.2 per cent. This is 0.25 per cent higher than the estimate given earlier, based on the signs of improvement seen in macroeconomic trends.
Meanwhile, with pay disclosures becoming mandatory in Singapore, CEOs in the country may get better pays / hikes. As per the new rule by the Singapore Exchange, all listed companies are required to disclose compensation for their CEOs and individual company directors. That means, their basic salary, bonuses, incentives starting with financial years ending on or after 31 December, 2024 will need to be made transparent. This has put a lot of pressure on companies to increase the pay of their CEOs to retain their top and quality talent. After all, with all this transparency, pays will be compared not just within Singapore but also internationally.
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