Citigroup CEO Jane Fraser's Pay Rises to $26 Million Amid Bank's Restructuring and Job Cuts

Despite a nearly 40% drop in profits, Citigroup increased CEO Jane Fraser's compensation, citing her leadership in executing significant organizational changes.

Jane Fraser received a 6% pay increase to $26 million in 2023, as Citigroup prepares for major restructuring, including a 20,000 job cut by 2026.
Citigroup's profits fell almost 40% last year, but the bank attributes the pay rise to Fraser's strategic overhaul since the 2008 financial crisis.
Fraser's compensation includes a base salary of $1.5 million, with the remainder in stock and cash bonuses, reflecting confidence in her long-term growth strategy.
Despite the pay increase, Fraser remains the lowest-paid among her Wall Street peers, with competitors' CEOs receiving higher compensation.
Citigroup's restructuring efforts include splitting into five business units and exiting consumer banking in several international markets.