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Citigroup has increased Jane Fraser’s pay by nearly a quarter to $42mn, in a vote of confidence for the chief executive leading a high-stakes revamp of the Wall Street bank.
Fraser was paid $1.5mn in base salary in 2025 and a $40.5mn bonus, Citi said in a regulatory filing on Thursday. Her pay was raised to $34.5mn in 2024, up a third from the previous year.
The decision puts Fraser among the highest-paid banking bosses on Wall Street, just $1mn shy of the $43mn paid to JPMorgan’s Jamie Dimon in 2025. Goldman Sachs chief executive David Solomon was paid a record $47mn last year, the bank disclosed last month. Morgan Stanley’s Ted Pick received $45mn in pay in the same period, the bank said on Wednesday.
The payment follows a $25mn retention bonus awarded to Fraser in October, which is designed to vest over a five-year period. Shares in Citi have rallied over the past year and hit their highest level since the financial crisis in July as the bank nears completion of an ambitious restructuring set to result in 20,000 job cuts by the end of this year.
Its board said the pay package “reflects her work to meaningfully strengthen Citi’s performance throughout 2025, her strategic vision and her leadership in executing that vision, and the continued execution of the bold choices she has made to position the firm for further growth”.
Citi pointed to its stock price performance being superior to that of other banks and said that more than 80 per cent of its transformation work had been completed. Citi is due to host an investor day in May to update investors on the next stage of growth. Shares in the company rose 66 per cent throughout 2025.
Citi is still awaiting the termination of consent orders with the Office of the Comptroller of the Currency and the Federal Reserve linked to long-standing deficiencies in risk management, data governance and internal controls.
Fraser named a new chief financial officer in November and overhauled some of its business lines. The recent changes will lead to Mark Mason stepping down from the role in March and head of US retail bank Gonzalo Luchetti taking over from Mason.
Citi is also set to fold its retail bank into its wealth division led by Andy Sieg, a marquee hire of Frasers’ who previously led Bank of America’s Merril Lynch.
Fraser’s efforts to simplify and modernise Citi have in recent months started to win over sceptics after the bank lagged behind peers for years in the aftermath of the financial crisis. Its return on tangible common equity — a crucial profitability measure — rose to 7.7 per cent in 2025 from 7 per cent in 2024, though it is still short of its target of more than 10 per cent by the end of this year.
US banks have benefited from a looser regulatory environment under the Trump administration as well as a pick-up in dealmaking and trading, which has boosted profits.
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