Jane Fraser has become the highest-paid female CEO of a Wall Street bank after Citigroup raised her pay to $24 million. The coronavirus pandemic cut many Wall Street bonuses, but the salary of Citigroup’s chief executive rose by about 6 percent for 2020. Her compensation package increased from $22.6 million in 2019 and is now the largest among woman CEOs on Wall Street. Fraser, who became Citigroup’s first female CEO in February, has been instrumental in steering the bank through a turbulent year as it dealt with the fallout from the pandemic and related economic crisis. In this article, we discuss Jane Fraser’s achievement and how she is leading an industry traditionally dominated by men.
Who is Jane Fraser?
Jane Fraser is the current president and chief executive officer of Citigroup. She is also the first woman to ever lead a major Wall Street bank. Prior to her current role, Fraser held various positions within Citi including head of consumer banking and wealth management for Europe, the Middle East, and Africa; CEO of CitiMortgage; and CEO of Citi Private Bank.
Fraser has been with Citi for over 16 years. She started her career at McKinsey & Company before moving to Citigroup in 2004. Fraser has an MBA from Stanford University.
What is her new position?
Jane Fraser is set to become the highest-paid female CEO on Wall Street after Citigroup raised her pay package.
Fraser, who is currently the president of Citigroup and head of its consumer banking business, will take over as CEO from Michael Corbat on February 1. She will receive a base salary of $1.5 million, a cash bonus of $5 million, and restricted stock units worth $27 million.
This puts her total compensation for 2021 at $33.5 million, making her the highest-paid female CEO at a major US bank. By comparison, JPMorgan Chase CEO Jamie Dimon made $31 million last year, while Goldman Sachs chief David Solomon earned $24 million.
Fraser’s pay package is also significantly higher than that of her predecessor Corbat, who made $23 million in 2020.
How much is she being paid?
Jane Fraser is being paid $24 million per year as the CEO of Citigroup, making her the highest-paid female CEO on Wall Street. This is a raise from her previous salary of $22 million.
Why is this significant?
In a move that is being widely celebrated, Jane Fraser has become the highest-paid female CEO on Wall Street after Citigroup raised her pay. This is significant for a number of reasons.
First, it sends a strong message that women can succeed at the highest levels in corporate America. This is especially important given the recent reckoning over sexual harassment and gender discrimination in the workplace. Second, it underscores the fact that women are increasingly achieving top positions in business. In fact, women now hold nearly 20% of Fortune 500 CEO positions.
And finally, this move by Citigroup is likely to pressure other banks and financial institutions to close their own gender pay gaps. All in all, this is good news for both women and Wall Street.
What are some other notable female CEOs?
Some other notable female CEOs are:
- Ginni Rometty (IBM)
- Virginia Rometty (General Motors)
- Marillyn Hewson (Lockheed Martin)
- Phebe Novakovic ( General Dynamics)
- Ellen Kullman (DuPont)
- Indra Nooyi (PepsiCo)
- Meg Whitman (Hewlett-Packard)
- Irene Rosenfeld ( Mondelez International)
Conclusion
Jane Fraser’s story is an inspiring one—her hard work and dedication to excellence has paid off, making her the highest-paid female CEO on Wall Street. Not only is she a great example of how success can be achieved with ambition and determination, but also that gender should not limit anyone from reaching their goals. This news further reinforces the fact that there needs to be more support for women in corporate positions if we are ever going to close the gender gap in business leadership roles.
