Citigroup Raises FY24 Compensation For CEO Jane Fraser

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(RTTNews) - Citigroup Inc (C) has lifted total fiscal 2024 compensation for Chief Executive Officer Jane Fraser following significantly higher financial performance and sustainable growth.

In a filing with the Securities and Exchange Commission, the banking major disclosed that the Compensation Committee has set Fraser's direct compensation at $34.5 million, a 33 percent increase from last year.

The package includes a base salary of $1.5 million, $4.95 million in cash incentive, deferred stock valued at $11.55 million, and performance share units or PSUs worth $16.5 million. The CEO had received total compensation of $26 million in the previous year.

In the regulatory filing, the Bank explained that the compensation reflects a 37 percent rise in full-year net income to $12.7 billion, and 3 percent growth in revenues to $81.1 billion. The bank also considered comparable pay for CEOs at similar financial institutions.

In its fourth quarter, Citigroup reported net income of $2.9 billion, compared to a net loss of $1.8 billion in the prior-year period, primarily driven by the higher revenues, lower expenses and lower cost of credit.

Fourth-quarter revenues were $19.6 billion compared to $17.4 billion last year. Total Citigroup revenues - excluding divestiture-related impacts, was $19.58 billion, up 12 percent.

For 2025, Citigroup expects reported revenues in a range of $83.5 billion - $84.5 billion. Citi then said it continues to drive towards higher returns - targeting a range of 10-11 percent in 2026. The company noted that it remains committed to continuing to improve returns beyond the medium-term.

The Board of Directors further authorized a $20 billion share repurchase program. Citigroup said $1.5 billion of common share repurchases are planned for first quarter of 2025.