What's happened
CEOs of major banks received significant pay increases in 2023 despite declining profits and job cuts.
Why it matters
The significant pay increases for bank CEOs amid declining profits and job cuts highlight the growing disparity between executive compensation and the financial challenges faced by their institutions, raising questions about fairness and accountability.
What the papers say
The NY Post and Business Insider UK provide details on the substantial pay increases for bank CEOs despite declining profits and job cuts at their respective institutions. The NY Post emphasizes the disparity between executive compensation and the financial challenges faced by their institutions, while Business Insider UK focuses on the specific changes implemented by Citigroup CEO Jane Fraser and the impact on the company's performance.
How we got here
The articles cover the pay increases for bank CEOs in 2023, reflecting the ongoing trend of executive compensation outpacing the financial performance of their institutions.
More on these topics
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Jane Fraser is a Scottish banking executive and the current chief executive of Citigroup, a position she has held since March 2021.
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Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City.