One of America’s leading Black executives, Mark Mason, the chief financial officer of Citigroup — a U.S. multinational investment bank and financial services group — received a compensation package of $15.05 million from the investment banking company in 2022.
Mason — one of the few Black executives on Wall Street — received a compensation package that includes a base salary of $1 million and a performance-based short-term incentive of $5.22 million. This is a direct reflection of his joint role in leading Citi toward impressive financial milestones in 2022.
The highly accomplished corporate executive also received a long-term incentive award of $7.2 million — highlighting his unwavering dedication and expertise as a seasoned business executive.
Inside Citigroup’s financial surge: Michael Mason’s strategic mastery unveiled in $75-billion revenue
Citigroup, the global banking behemoth serving more than 200 million customers and the eighth-largest issuer of securities among global investment banks, saw its net income and revenue skyrocket in 2022, reaching $14.85 billion and $75.34 billion, respectively.
Behind this stellar performance lies the hand of Mason, a key architect of Citi’s recent financial success. Mason spearheaded the streamlining of the crucial comprehensive capital analysis and review (CCAR) process, a critical step in shoring up the bank’s capital buffers and boosting investor confidence.
Prior to joining Citi, Mason honed his skills at Lucent Technologies and Marakon Associates, crafting value-boosting strategies for top Fortune 100 companies. Notably, his early days at Goldman Sachs & Co. further polished his investment banking acumen, equipping him with the complexities of the financial world.
Beyond the boardroom: Mason’s $10.35-million personal stake in Citigroup
Under Mason’s joint leadership, Citigroup saw its profit surge 98.64 percent, from $11.05 billion in 2021 to $21.95 billion in 2022. This leap was largely driven by rising interest rates. Assets also expanded by 5.47 percent, from $2.29 trillion to $2.42 trillion, during the same period.
Beyond his executive and leadership roles, Mason holds a personal stake in Citigroup’s success. He owns a minority 0.011 percent of the group’s ordinary shares, equivalent to 208,437 shares with a present market value of $10.35 million. This underscores his interest in the continued prosperity of the financial giant, which operates in over 160 countries and jurisdictions.