The 57-year-old, the only woman leading a major global bank, earned $34.5 million (c. £27.4m) in 2024, bringing her earnings since taking the helm at the American bank in 2021 to $107.5m (c. £85.4m).

Citigroup confirmed her compensation includes a $1.5m (c. £1.2m) base salary, a $4.95m (c. £3.9m) cash incentive, and deferred incentives. Most US bank executives receive the bulk of their income through stock-linked incentives.

The bank praised Ms Fraser for streamlining its structure and reducing management layers, stating she is “laying the foundation” for long-term growth and has “promptly and thoughtfully” led the bank.

Under Ms Fraser’s leadership, Citigroup has undergone a significant restructuring, resulting in 20,000 job cuts. The bank’s stock has outperformed its competitors by around 20% this year, following a 37% surge in 2024.

Ms Fraser studied economics at Cambridge University and earned an MBA from Harvard Business School in 1994. She worked at McKinsey before joining Citigroup in 2004, rising through the ranks to become CEO in 2020, officially taking the role in March 2021.