Citigroup has expressed its strong confidence in Chief Executive Jane Fraser by granting her a substantial pay increase of nearly 25%, bringing her total compensation to $42 million. The move reflects her leadership during the bank’s ambitious restructuring efforts, which are pivotal for its future.
According to a regulatory filing, Fraser’s remuneration for 2025 includes a base salary of $1.5 million alongside a bonus of $40.5 million. This marks a significant rise from her previous year’s compensation of $34.5 million, which saw a jump of one-third compared to 2024.
Fraser’s new pay positions her among the top executives on Wall Street. Currently, she is just $1 million shy of JPMorgan’s Jamie Dimon, who earned $43 million in 2025. Goldman Sachs CEO David Solomon reportedly earned a record $47 million, and Morgan Stanley’s Ted Pick received $45 million last year.
This latest compensation adjustment comes shortly after Fraser had been awarded a $25 million retention bonus in October, intended to vest over five years. Share prices for Citigroup have risen significantly over the past year, hitting the highest levels since the financial crisis in July, coinciding with the nearing completion of a comprehensive overhaul set to culminate in reducing the workforce by 20,000 by year-end.
The Citigroup board outlined that the pay package is a reflection of Fraser’s impactful role in enhancing the bank’s performance throughout 2025, as well as acknowledging her strategic vision and leadership. The bank highlighted its stock performance, indicating it had outpaced several competitors and noted that over 80% of its transformational objectives had been achieved. Notably, Citigroup is planning to host an investor day in May to discuss future growth strategies, as its shares surged 66% over the past year.
Despite these advancements, Citigroup is still under the scrutiny of regulatory authorities, awaiting the conclusion of consent orders from the Office of the Comptroller of the Currency and the Federal Reserve that stem from long-standing issues in risk management and governance.
In recent months, Fraser has introduced a new Chief Financial Officer and embarked on a reorganization of the bank’s business lines. This includes the upcoming departure of Mark Mason from his CFO position in March and the elevation of Gonzalo Luchetti, the head of US retail banking, to take over the role. Additionally, the bank is folding its retail banking operations into its wealth division, led by Andy Sieg, a high-profile recruit from Bank of America.
Fraser’s initiatives to streamline and modernize the bank are gradually winning over skeptics, especially as Citigroup had lagged behind its competitors following the financial crisis. The bank’s return on tangible common equity climbed to 7.7% in 2025, up from 7% the previous year, although it still falls short of its ambitious target of over 10% by the end of this year.
This upswing is occurring amid a more favorable regulatory landscape for US banks under the Trump administration, along with an uptick in deal-making and trading that has bolstered overall profits in the sector.
