Get All Access for $5/mo

While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a Raise Here's how much Fraser, who is the only woman to head a major U.S. bank, made for 2022.

By Gabrielle Bienasz Edited by Jessica Thomas

Opinions expressed by Entrepreneur contributors are their own.

Bloomberg / Contributor I Getty Images
Jane Fraser, CEO of Citigroup.

Amid historic inflation and cost-cutting, CEOs from Tim Cook of Apple to David Solomon of Goldman Sachs have taken pay cuts.

One exception is Jane Fraser of Citigroup, the parent company of entities including Citibank, whose pay rose from $22.5 million in 2021 to $24.5 million in 2022, per a quarterly filing Tuesday, according to Bloomberg.

"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," the board of company wrote in the filing.

Related: Zoom CEO Eric Yuan Cuts His Own Pay By 98% Amid Layoffs

The bulk of the compensation comes from stocks in the company, called restricted stock units (RSUs), which are often tied to meeting certain performance goals. Fraser's ultimate payout depends upon how the company does, the Wall Street Journal noted.

Fraser's 2022 pay package included a $1.5 million salary, a $3.45 million cash bonus and $19.6 million in stock awards, per Bloomberg.

CEO compensation has risen steadily since the late 1970s and often consists of several factors including base salaries, bonuses and stock options. One CEO, Mark Zuckerberg of Meta, takes an annual salary of $1. But others, like Cook, bring home enormous sums (a target of $49 million for 2023, even with a 40% pay cut).

Regulators fined Citigroup $400 million in October 2020 for what they said were issues in how the bank assesses risk. Former CEO Michael Corbat stepped down in early 2021 and the bank brought Fraser to the fore; her first full calendar year as CEO was 2022. One of her major goals is to meet demands from regulators, Bloomberg noted.

When many large companies are facing layoffs (even amid a strong job market), all of the CEOs of the major banks in the U.S. took pay cuts or kept their pay the same, the outlet outlined.

Brian Moynihan of Bank of America took a cut, as did Solomon and James Gorman of Morgan Stanley. Jamie Dimon of JPMorgan and Charlie Scharf of Wells Fargo's pay stayed the same. Despite her raise, Fraser still makes less than most of them.

Related: Meta Will Let Go of 11,000 Employees in Company's First Large-Scale Layoffs

Gabrielle Bienasz is a staff writer at Entrepreneur. She previously worked at Insider and Inc. Magazine. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

At Age 15, He Used Facebook Marketplace to Start a Side Hustle — Then It Became Something Much Bigger: 'Raised Over $1.6 Million'

Dylan Zajac, now a 21-year-old senior at Babson College, wanted to bridge the digital divide.

Franchise

McDonald's Announces the Return of the Snack Wrap in 2025 — Here's What to Expect From Its Comeback

The decision comes after years of persistent customer demand for the portable snack, which debuted nearly two decades ago.

Side Hustle

'I Just Hustled': She Earned More Than $300,000 Wrapping Gifts Last Year — and It All Started With a Side Hustle

When Michelle Hensley lost her husband to cancer, she needed to figure out how to earn an income for her family.

Business News

OpenAI Just Released Its Text-to-Video Generator, Sora. Here's How the New AI Could Impact Small Businesses and Creators.

Sora has a variety of use cases for businesses, from social media campaigns to video creation.

Innovation

These Entrepreneurs Created a League That Turns Gamers Into Pro Race Car Drivers: 'We're Giving Drivers a Sustainable Career Path'

Racing Prodigy's innovative E2Real sports league is lowering the high-cost barrier to entry for drivers to take their passion to the track.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.