Citigroup Boosts CEO Jane Fraser's Pay by a Third to $34.5 Million

Citigroup, one of the world's largest financial institutions, has announced a significant increase in the compensation package for its CEO, Jane Fraser. The bank has boosted Fraser's pay by a third, bringing her total compensation to $34.5 million for the year 2023.

Fraser, who became the first female CEO of a major Wall Street bank when she took the helm at Citigroup in 2021, has seen her compensation rise from $26 million in 2022. The increase reflects the bank's improved financial performance under her leadership.

Citigroup's total revenue for 2023 was $84.9 billion, up from $77.2 billion in 2022. The bank's net income also rose to $21.5 billion, compared to $19.4 billion in the previous year. Fraser's compensation package includes a base salary of $2.5 million, a cash bonus of $16.5 million, and stock awards valued at $15.5 million.

The increase in Fraser's compensation comes as Citigroup continues to navigate a challenging economic environment. The bank has been working to improve its risk management and compliance processes following a series of high-profile scandals in recent years. Fraser has been credited with leading the bank's efforts to address these issues and restore its reputation.

Fraser's compensation package is in line with those of her peers at other major financial institutions. For example, JPMorgan Chase CEO Jamie Dimon received a total compensation of $31.5 million in 2023, while Goldman Sachs CEO David Solomon received $25 million.

Citigroup's board of directors approved Fraser's compensation package, citing her strong leadership and the bank's improved financial performance. The bank has also been recognized for its efforts to promote diversity and inclusion, with Fraser being a prominent advocate for these initiatives.

In conclusion, Citigroup's decision to increase Jane Fraser's compensation by a third reflects the bank's improved financial performance under her leadership. Fraser's compensation package is in line with those of her peers at other major financial institutions, and her strong leadership has been credited with helping Citigroup navigate a challenging economic environment and restore its reputation.