Citigroup announced on Tuesday that Chief Executive Officer Jane Fraser's compensation for 2024 has been set at $34.5 million, a 33% increase from the previous year.

The breakdown of the compensation includes a $1.5 million base salary, $4.95 million in cash incentives, and the remainder in deferred incentives. In the preceding year, Fraser had received a total compensation of $26 million.

In a regulatory filing detailing the compensation rationale, the bank highlighted a 3% growth in full-year revenues, a 37% increase in net income, and noted that the CEO's pay aligns with industry standards for CEOs at similar financial institutions.

Citigroup commended Fraser for her efforts in restructuring the organization and reducing management layers. While acknowledging the closure of a 2013 money laundering consent order, the board emphasized the ongoing need for substantial regulatory progress.

In 2020, Citigroup incurred fines of $400 million from the Office of the Comptroller of the Currency and the Federal Reserve for risk and data lapses. Subsequently, in July, regulators penalized Citigroup with a $136 million fine for inadequate progress in addressing these concerns.