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Citigroup has increased Jane Fraser’s pay by nearly a quarter to $42m, in a vote of confidence for the chief executive leading a high-stakes revamp of the Wall Street bank. Her compensation comprised a $1.5m base salary and a $40.5m bonus, in addition to a previously awarded $25m retention package vesting over five years. The pay rise follows a 66% surge in Citi’s share price during 2025 as the bank advanced an overhaul expected to eliminate 20,000 jobs and complete more than 80% of its transformation plan. Citi said the package reflects Ms. Fraser’s role in strengthening performance and positioning the bank for growth, with return on tangible common equity rising to 7.7%, though still short of its 10% target. Ms. Fraser’s remuneration places her among Wall Street’s highest-paid banking chiefs, just behind JPMorgan’s Jamie Dimon and below Goldman Sachs’ David Solomon and Morgan Stanley’s Ted Pick.
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