Citigroup raises CEO Jane Fraser's pay 22% to $42 million after stock surge

By Todd Gillespie

 

Citigroup Inc boosted the pay of Chief Executive Officer Jane Fraser to $42 million for 2025, putting her among the highest paid US banking heads. 

The 22 per cent increase, disclosed in a filing Thursday, follows a year in which Citigroup’s stock rose 66 per cent, more than any other Wall Street bank. The pay bump puts Fraser’s total package for the year just $1 million behind that of JPMorgan Chase & Co.’s Jamie Dimon.

 

The compensation includes $1.5 million base, $6.1 million of a cash incentive award and the rest in stock awards. It follows a retention bonus granted to Fraser when she was named chair of the bank’s board in October, which was worth $25 million at the time and fully vests after five years. 

Fraser’s pay bump is another sign of confidence from the board in her leadership of Citigroup, which she’s trying to turn around after years of lagging behind its peers. She restructured the bank’s divisions and brought in outside hires to top posts — while calling for the end of “old, bad habits” that she said enabled mediocrity at the firm. 

 

The pay package “reflects her work to meaningfully strengthen Citi’s performance throughout 2025, her strategic vision and her leadership in executing that vision, and the continued execution of the bold choices she has made to position the firm for further growth,” the company said in the filing.

 

Morgan Stanley boosted CEO Ted Pick’s pay by 32 per cent to $45 million. Goldman Sachs Group Inc. lifted CEO David Solomon’s by 21 per cent to $47 million. Wells Fargo & Co. raised Charlie Scharf’s pay 28 per cent to $40 million, while Dimon’s compensation climbed 10 per cent to $43 million.

 

Bank of America Corp. hasn’t yet disclosed CEO Brian Moynihan’s pay.