Business
Investors want Jamie Dimon to Stay, Says Analyst Mayo
Citigroup Inc. lifted Chief Executive Officer Jane Fraser’s total compensation to $34.5 million for 2024 — up a third from the previous year — as she continues to drive a plan for higher returns at the Wall Street bank.
Fraser’s pay, the vast majority of which is in the form of stock-linked awards, is up from the $26 million she received for 2023 and represents the biggest raise among CEOs of large US banks.
Among her CEO peers, Fraser’s pay puts her ahead of both Wells Fargo & Co.’s Charles Scharf and Morgan Stanley’s Ted Pick, who received $31.2 million and $34 million, respectively. Both Goldman Sachs Group Inc.’s David Solomon and JPMorgan Chase & Co.’s Jamie Dimon were paid $39 million, while Bank of America’s Brian Moynihan was awarded $35 million.
Mike Mayo, Head of US Large-Cap Bank Research at Wells Fargo Securities, examines Dimon’s staying power and ultimate succession plan for JPMorgan, as well as Fraser’s turnaround success story at Citi.
Please note that Wells Fargo Securities, LLC and/or its affiliates, have beneficial ownership of 0.5% or more of any class of the common stock of Citigroup Inc. Wells Fargo Securities, LLC, or its affiliates intends to seek or expects to receive compensation for investment banking services in the next three months from an affiliate of Citigroup Inc.
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Defense Secretary Pete Hegseth criticized European and Asian countries for relying on the US military to reopen the Strait of Hormuz. He said at a Pentagon briefing Friday morning that the Navy blockade is growing and going global.
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Dan Ives of Wedbush Securities says Wall Street is underestimating Oracle and the stock could double. ——– More on Bloomberg …
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