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.
Of her new total compensation, almost $11.6 million is in the form of deferred stock, and $16.5 million is in performance share units, according to a regulatory filing Tuesday.
The Citigroup board’s compensation committee said in the filing that the pay “reflects its belief that Ms. Fraser’s strategic and other priorities are sound and that she is executing on them promptly and thoughtfully, with an eye towards enhanced safety and soundness, improved returns and laying the foundation for long-term sustainable growth.”
The big pay bump for Fraser comes after a period in which Citigroup hit revenue and expense guidance it set out for investors at the start of the year and posted record revenue in three of its five divisions. She’s also driven a simplification strategy which has involved shedding retail business in countries around the world and reducing 20,000 jobs at the bank, which has long underperformed its Wall Street peers.