Citigroup hikes CEO Jane Fraser's pay to $26 million

DPA
·1 min read
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The Citibank logo is seen outside a branch in Duesseldorf. Franz-Peter Tschauner/dpa
The Citibank logo is seen outside a branch in Duesseldorf. Franz-Peter Tschauner/dpa

Citigroup has raised CEO Jane Fraser's compensation by 6% to $26 million for 2023, the lender said in a regulatory filing.

The amount includes a flat base salary of $1.5 million and a total incentive award of $24.5 million.

The Compensation Committee's decision reflects the belief by the board that Fraser's "strategic and other priorities are sound" and that she has "an eye towards driving long-term sustainable growth, improved returns and enhanced safety and soundness," the filing at the US Securities and Exchange Commission on Tuesday said.

Citigroup, which is one of the top five biggest banks in the United States, posted a net loss for the fourth quarter 2023 of $1.8 billion after being hit with a slew of one-off charges.

The company also said last month that it planned on reducing 20,000 roles as part of Fraser's wide-ranging restructuring.