Citigroup Inc. has approved a 22% rise in total compensation for Chief Executive Officer Jane Fraser for 2025, raising her package to $42 million, the company disclosed in a filing on Thursday. The increase places Fraser among the top-paid executives in U.S. banking, and roughly $1 million below the pay reported for Jamie Dimon of JPMorgan Chase & Co.
The 2025 pay arrangement comprises a $1.5 million base salary, a cash incentive award of $6.075 million, with the remaining value delivered as stock awards. The arrangement follows a separate $25 million retention award that Fraser received upon becoming chair of the bank’s board in October; that retention award fully vests after five years.
The Compensation Committee cited Fraser’s role in strengthening Citigroup’s performance across 2025. Under her leadership, all five of the bank’s business lines produced positive operating leverage and recorded their highest revenues, and Citigroup’s share price led its industry peers over both the one-year and three-year horizons.
Financial results disclosed for 2025 show a 13% increase in net income and a 6% rise in revenues compared with 2024. The bank reported that it maintained a Common Equity Tier 1 Capital Ratio of 13.2% on a Basel III Standardized Approach basis, a level the company says is above regulatory requirements. Citigroup also returned in excess of $17.5 billion to common stockholders in 2025 through share repurchases and dividend payments.
Management flagged meaningful progress on regulatory matters during the year, including the termination of the Office of the Comptroller of the Currency’s July 2024 amendment to Citibank’s 2020 Consent Order. The company also advanced elements of its ongoing simplification program: it signed an agreement to sell its consumer business in Poland, received internal approvals to divest remaining institutional operations in Russia, and completed the negotiation and closing of a transaction selling a 25% stake in Banamex to a large Mexican investor.
Further specifics on Citigroup’s incentive compensation arrangements will be included in the company’s 2026 Proxy Statement, which the firm expects to file with the U.S. Securities and Exchange Commission in April 2026.
Context and interpretation
The Compensation Committee framed the pay increase as recognition for the bank’s stronger financial performance and execution on strategic and regulatory objectives over the year. The structure of the award - limited cash and base components with the bulk in stock - aligns a substantial portion of pay with future equity value, consistent with typical executive incentive design in large bank settings.
What comes next
Investors and stakeholders will see more detail when Citigroup files its 2026 Proxy Statement in April 2026, which will lay out further information on incentive programs and how performance metrics were applied in determining awards.