Citigroup Increases CEO Jane Fraser’s Compensation by 33% to $34.5 Million

Citigroup announced on Tuesday that it had set Chief Executive Officer Jane Fraser’s total compensation for 2024 at $34.5 million, marking a 33% increase from the previous year.

The compensation package consists of a $1.5 million base salary, a $4.95 million cash incentive, and the remainder in deferred incentives. In comparison, Fraser had received $26 million in total compensation the year before.

In a regulatory filing detailing the decision, the bank attributed the pay increase to several factors, including a 3% rise in full-year revenues, a 37% increase in net income, and competitive compensation benchmarks for CEOs at similar financial institutions.

Citigroup credited Fraser with streamlining the organization’s structure and reducing management layers. On the regulatory front, the bank acknowledged that it had successfully closed a 2013 consent order related to money laundering but emphasized that significant work remained.

The bank has faced ongoing regulatory challenges. In 2020, the Office of the Comptroller of the Currency and the Federal Reserve imposed a $400 million fine on Citigroup due to risk and data management failures. More recently, in July 2023, regulators fined the bank $136 million for insufficient progress in addressing those issues.

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