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

One exception is Jane Fraser of Citigroup, the mother or father firm of entities together with Citibank, whose pay rose from $22.5 million in 2021 to $24.5 million in 2022, per a quarterly submitting Tuesday, in response to Bloomberg.

“However difficult macroeconomic and geopolitical developments, below Ms. Fraser’s management Citi made stable progress on every of our priorities, and the compensation committee acknowledges the strategic course that took form throughout 2022,” the board of firm wrote within the submitting.

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The majority of the compensation comes from shares within the firm, known as restricted inventory items (RSUs), which are sometimes tied to assembly sure efficiency targets. Fraser’s final payout relies upon upon how the corporate does, the Wall Road Journal famous.

Fraser’s 2022 pay bundle included a $1.5 million wage, a $3.45 million money bonus and $19.6 million in inventory awards, per Bloomberg.

CEO compensation has risen steadily for the reason that late Seventies and infrequently consists of a number of elements together with base salaries, bonuses and inventory choices. One CEO, Mark Zuckerberg of Meta, takes an annual wage of $1. However others, like Prepare dinner, convey residence monumental sums (a goal of $49 million for 2023, even with a 40% pay reduce).

Regulators fined Citigroup $400 million in October 2020 for what they stated had been points in how the financial institution assesses danger. Former CEO Michael Corbat stepped down in early 2021 and the financial institution introduced Fraser to the fore; her first full calendar yr as CEO was 2022. Certainly one of her main targets is to fulfill calls for from regulators, Bloomberg famous.

When many massive corporations are dealing with layoffs (even amid a robust job market), all the CEOs of the most important banks within the U.S. took pay cuts or saved their pay the identical, the outlet outlined.

Brian Moynihan of Financial institution of America took a reduce, as did Solomon and James Gorman of Morgan Stanley. Jamie Dimon of JPMorgan and Charlie Scharf of Wells Fargo’s pay stayed the identical. Regardless of her increase, Fraser nonetheless makes lower than most of them.

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