Citigroup CEO Jane Fraser got a 6% pay bump after a year when profits dropped and Fraser began a restructuring that will result in an estimated 20,000 job cuts.
Capital One’s $35 billion purchase of Discover would create a formidable new rival to American Express, Visa, and Mastercard. The question now is whether regulators will let it stand.
Citigroup increased Chief Executive Officer Jane Fraser's compensation by about 6% to $26 million for 2023, the lender said in a filing on Tuesday. Fraser's compensation was determined by her execution of "the most consequential set of changes to its organizational and management model since the 2008 financial crisis" and the sale of international businesses, the bank's board wrote. While "recognizing that there is substantial additional work to be done," the board cited Fraser's work on fixing problems in risk management to address regulatory punishments that date back to 2020.