Fraser’s pay represents the biggest raise among CEOs of large US banks.

Citigroup said on Tuesday it had set Chief Executive Officer Jane Fraser's 2024 compensation at $34.5 million, 33% more than the previous year. The compensation includes $1.5 million of base salary, $4.

The bank credited its chief executive for her efforts with an ongoing reorganization, tech modernization and exit from Mexico. Her $34.5 million in compensation puts her ahead of Wells Fargo and Morgan Stanley’s CEOs.

Fraser’s pay, the vast majority of which comes in stock-linked awards, is up from the US$26 million she received for 2023.

The compensation includes $1.5 million of base salary, $4.95 million in cash incentive and the rest in deferred incentives, the bank said