CITIGROUP lifted chief executive officer Jane Fraser’s pay about 6 per cent to US$26 million for a year in which she kicked off a major overhaul of the Wall Street giant to simplify operations and boost profitability.

The New York-based bank awarded Fraser a total of US$1.5 million in salary and US$24.5 million in stock-based and cash incentive awards for 2023, it said in a filing on Tuesday. Fraser, who’s been in her post since March 2021, was the only major bank CEO to get a raise for 2022, a move largely attributed to it being her first full year running the company.

The increase in pay comes after Fraser initiated what’s billed as the largest reworking of Citigroup in decades, designed to propel the firm from a banking underdog to one competitive with its more profitable peers. Last month, the bank said it would cut 20,000 roles in its bid to boost returns.

Citigroup’s shares rose nearly 14 per cent last year after three consecutive years of declines. Net income, however, dropped by 38 per cent as revenue slowdowns across the bank’s markets, wealth and banking divisions were compounded by rising expenses due to investments across most of the business.

The pay package for Fraser, the only female head of a US banking giant, remains the lowest of her cohort.

Goldman Sachs Group Inc lifted pay for CEO David Solomon by 24 per cent to US$31 million, even as profit dropped by the same percentage. Morgan Stanley’s James Gorman got a 17 per cent bump to US$37 million for his final year as CEO, while JPMorgan Chase & Co. raised Jamie Dimon’s pay 4.3 per cent to US$36 million.

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Wells Fargo & Co. CEO Charlie Scharf got an 18 per cent hike to US$29 million, while Brian Moynihan was the only chief to get a cut. His pay fell 3 per cent to US$29 million. BLOOMBERG