Citigroup boosted its CEO Jane Fraser’s pay to $42 million ($59 AUD), raising it by nearly 22% from a year earlier. This pay raise was disclosed in a filing on Thursday, following a year in which Citigroup’s stock rose 66 per cent, more than any other Wall Street bank. The pay raise brings Fraser’s total package just $1 million behind that of JP Morgan’s Jamie Dimon.
Investors have approved of Fraser’s efforts to streamline management, cut jobs and sell businesses, boosting the stock 65.8% last year. It outperformed peers and an index tracking bank stocks by a wide margin.
There have been similar hikes for top bosses at rivals Goldman Sachs and Morgan Stanley, as Wall Street giants prepare for what is widely expected to be a massive year for dealmaking.
With the new package, Fraser, who is the first woman to lead a major U.S. bank, has also become one of the highest-paid chief executives on Wall Street.
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Wells Fargo’s Charlie Scharf was paid $40 million in compensation for 2025, while JPMorgan Chase’s, Jamie Dimon received $43 million. Goldman Sachs’ David Solomon was paid $47 million last year, and Morgan Stanley’s Ted Pick was paid $45 million.
In a filing explaining the compensation, Citigroup highlighted record revenues across its core businesses, regulatory progress, and comparable pay for CEOs at similar financial institutions. The compensation includes $1.5 million of base salary, $6.075 million in cash incentive and the rest in deferred incentives, the bank said on Thursday. Fraser had received $34.5 million in total compensation in 2024.
Last week, Reuters reported that Citigroup executives are becoming more optimistic that they will be able to finish compliance work on major regulatory punishments.
Citigroup recently announced it is cutting around 1,000 jobs, as part of a plan announced two years ago, to reduce the workforce by 20,000 by the end of the year.
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The bank has about 229,000 full-time employees as of Dec. 31, 2024, according to its latest annual report. While the exact number of cuts were not disclosed, Citigroup said in a statement that it would continue to reduce the headcount in 2026.
Fraser also recently spoke up about the impact of AI on the workforce. “AI has the potential to make tremendous changes. It’s going to create huge numbers of new jobs that we can’t even imagine what they are today,” Fraser told the Washington Post. “It will change the nature of what people do every day … And it will take some jobs away.” She added that employees have to be adaptable and realistic about what new jobs will come and how they need to pivot.
“I want to stack the odds that we will help our people reinvent themselves,” Fraser explained. “[We want staffers to] feel they’ve got a bit of control by having the training … Our people should be as much in the driving seat as possible. We’re encouraging our people saying, ‘Not that AI is going to take your job away, but someone using AI is going to probably be better at your job than you are.’ So, how do we equip you to use [AI tools]?”
Editor’s note: This article has been updated for clarity.