Citigroup Inc. awarded CEO Jane Fraser a 33% increase in total compensation in 2024, bringing her package to $34.5 million. The package consists of a salary of $1.5 million, a cash incentive of $4.95 million, and the remainder in deferred incentives. The large increase is in appreciation of Fraser’s key role in overhauling Citigroup’s operations and enhancing its financial performance.

Strategic Overhaul and Financial Performance

Under Fraser’s leadership, Citigroup launched a comprehensive restructuring program, consolidating its business into five key business units. The restructuring was a strategic move aimed at flattening the organization structure, reducing managerial levels, and maximizing overall efficiency. As a result, the bank recorded a 3% rise in full-year revenues and a notable 37% expansion in net income for 2024.

Regulatory Milestones and Current Commitments

In addition to capital improvements, Citigroup also managed to successfully close a 2013 consent order for anti-money laundering compliance, a key regulatory achievement. Despite this development, the bank is aware that a lot still has to be accomplished to comply with current regulatory requirements, particularly those stemming from previous fines on risk and data management failures.

Comparative Executive Compensation

Fraser’s compensation is in keeping with industry practice for big U.S. banks. For context, Goldman Sachs CEO David Solomon took home $31 million in 2024, JPMorgan Chase CEO Jamie Dimon received $39 million, Bank of America CEO Brian Moynihan received $35 million, and Morgan Stanley CEO Ted Pick received $34 million. These figures underscore the competitive dynamics of executive compensation for the financial sector.

Conclusion

Jane Fraser’s leadership has led the charge in Citigroup’s strategy transformation and financial development. Her 33% increase in her 2024 compensation reflects the company’s belief in her capabilities and applauds the visible evolution that she has encouraged during her reign. With Citigroup leading the charge towards fending off the complexities in the finance world, Fraser’s role remains indispensable in leading the organization towards enduring victory.