The CEO of Citibank (C. US) saw a 33% salary increase to $34.5 million, leading the way in salary increases among Wall Street executives.

Wall Street financial giant Citigroup (C.US) has boosted CEO Jane Fraser's total compensation for 2024 to as much as $34.5 million, an increase of about one-third from the previous year. This CEO's pay increase in 2024 is the highest among Wall Street CEOs, as she continues to actively push forward plans for this large commercial bank to achieve higher returns. Fraser's compensation is largely in the form of company stock rewards, rising significantly from $26 million in 2023 to $34.5 million, the largest increase among CEOs of large commercial banks in the United States. According to regulatory filings submitted on Tuesday, close to $11.6 million of the CEO's total compensation is in deferred stock, while $16.5 million is in performance stock units. The Compensation Committee of Citigroup's Board of Directors stated in the filings that this latest compensation "reflects the Board's confidence in Ms. Fraser's strategic plans and other priorities, as she executes these plans with speed and thoughtfulness, focusing on enhancing safety and soundness, improving returns, and laying the foundation for long-term sustainable growth." Fraser's substantial pay increase comes as Citigroup has achieved revenue and expense targets set at the beginning of the year for its investors, and after three of its five divisions set revenue records. She has also driven Citigroup's simplification strategy to boost profits for shareholders, including offloading retail operations globally and cutting approximately 20,000 jobs. While Citigroup's stock performance has long lagged behind its Wall Street peers, Fraser's simplification reforms have led to a significant streamlining of its redundant structure, improving operational efficiency and profits. Although Citigroup's stock price in 2024 still lags behind other large Wall Street banks like JPMorgan Chase and Wells Fargo & Company, the gap in stock price performance has narrowed significantly due to Fraser's simplification reforms. For Citigroup, the negative news comes from a significant regulatory fine in July that caused its stock price to plummet, and it continues to be constrained by directives from the Federal Reserve and the Office of the Comptroller of the Currency regarding data controls and risk management, highlighting regulatory obstacles to Fraser's simplification plan. Fraser also significantly reduced the ambitious core profitability targets set during her simplification plan. Statistics show that in 2024, Citigroup's stock price growth ranked second to last among the six major banks in the United States, only higher than Bank of America Corp. However, the gap in Citigroup's stock price growth with the top Wall Street banks has significantly narrowed. Since 2025, Citigroup's stock price growth has led all of Wall Street, rising over 20% so far this year since Fraser and Chief Financial Officer Mark Mason announced a massive $20 billion stock buyback plan in January. This makes Citigroup the best performing large commercial bank on Wall Street, outperforming JPMorgan Chase's stock price rise of 17% since 2024. Among peer CEOs, Fraser's compensation is higher than Charles Scharf of Wells Fargo & Company ($31.2 million) and Ted Pick of Morgan Stanley ($34 million). David Solomon of Goldman Sachs Group, Inc. and Jamie Dimon of JPMorgan both received $39 million in compensation, while Brian Moynihan of Bank of America Corp received $35 million.