Summary by Moomoo AI
Citigroup Inc. disclosed in a Form 8-K filing with the SEC that on February 15, 2024, the company's Compensation Committee approved the 2023 incentive compensation for CEO Jane Fraser. The committee recognized Fraser's effective execution of strategic priorities, including simplifying Citigroup, aligning its structure to business strategy, and exiting international consumer markets. The compensation determination was based on various factors, including Fraser's leadership in exiting 14 international consumer markets, organizational changes post-2008 financial crisis, and progress on remediation of issues from 2020 Consent Orders. Citigroup's 2023 financial performance showed a 4% increase in revenues to $78.5 billion, but a 38% decrease in net income to $9.2 billion and a 42% decrease in diluted earnings per share to $4.04. Fraser's total compensation for 2023 is set at $26.0 million, with a base salary of $1.5 million and a total incentive award of $24.5 million, divided into cash, deferred stock, and performance share units. The compensation details will be further explained in Citigroup's 2024 Proxy Statement, expected to be filed in March 2024.