Biggest Wall Street Bank CEOs See Pay Raises, with Citigroup's Jane Fraser Getting the Largest
The top executives of the largest banks on Wall Street have received significant pay increases, with Citigroup (C) CEO Jane Fraser leading the pack.
According to a recent filing, Fraser's total compensation for 2024 rose by approximately 33% to $34.5 million. This increase reflects her efforts to improve the safety and profitability of the New York financial giant.
Notably, Citigroup's stock has outperformed its peers, rising around 20% so far this year. The bank's board of directors expressed confidence in Fraser's strategic decisions and prompt execution.
Goldman Sachs (GS) CEO David Solomon received the second-largest pay increase among big bank executives, with his total compensation for 2024 amounting to $39 million. Notably, both Solomon and JPMorgan Chase (JPM) CEO Jamie Dimon received the same total compensation, tying for the highest among their rivals.
Bank of America (BAC) CEO Brian Moynihan earned $35 million, while Morgan Stanley (MS) CEO Ted Pick received $34 million in his first year leading the company.
The lowest-paid CEO among the major banks was Wells Fargo (WFC) CEO Charles Scharf, who received $31.2 million. Wells Fargo is currently undergoing a turnaround effort to address issues related to a past fake accounts scandal.
The majority of the big bank CEOs' pay consisted of stock-linked incentives rather than cash. For instance, Fraser received the same base salary of $1.5 million as the previous year, along with a $4.95 million cash incentive performance award. Additionally, she received $11.55 million in deferred stock that vests over four years based on her performance.
Citigroup's CEO has faced challenges in 2024, including a $136 million fine for insufficient progress on related consent orders. The bank has also revised its return target for Fraser's multiyear turnaround, expecting to achieve a range of 10% to 11% ROTCE, down from the previously projected 11% to 12%.