Citi raises CEO Fraser's compensation 33% to $34.5 million for 2024

Customers use ATMs at a Citibank branch in the Jackson Heights neighborhood of the Queens borough of New York City, US October 11, 2020. Picture taken October 11, 2020. REUTERS

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, $4.95 million in cash incentive and the rest in deferred incentives, the bank said. Fraser had received $26 million in total compensation in the previous year.

In a regulatory filing that explained the compensation, the bank cites a 3% growth in full-year revenues, a 37% rise in net income and comparable pay for CEOs at similar financial institutions.

The bank praised the CEO for streamlining its structure and reducing management layers. On the regulatory front, directors noted that the bank has closed a 2013 consent order related to money laundering, but stressed that substantial work remained to be done.

In 2020, the Office of the Comptroller of the Currency and the Federal Reserve fined Citi $400 million for risk and data failures. Last July, regulators fined Citi $136 million for insufficient progress in tackling those issues.