“City Group” hikes CEO salary to 26 million dollars

City Group CEO raised about 6% from 2023 to 26 million dollars, despite the bank’s profits decreased 40%.

According to “City Group”, the American bank said in a memorandum on Tuesday that Frazer’s wages consist of $ 1.5 million as a basic salary and 24.5 million dollars a reward.

City Group stressed that the salary of his executive president is based on Frazer to simplify the bank’s strategy, and to reveal a group of the most important changes in its administrative and organizational model since the financial crisis in 2008.

The changes carried out by Frazer last year led to the overthrow of 20,000 jobs within the third largest American bank in terms of assets.

The City Group administration took over at the beginning of 2021, with a mandate to reform the bank after its performance was less than its peers over the years. Among the strategies it announced, plans to withdraw from consumer banking operations within 14 external markets.

Banks such as Jpmorgan Chase, Morgan Stanley and Goldman have increased their chief executive salary from last year as well.