Citigroup Chief Executive Jane Fraser got a roughly 6% year-over-year raise last year, bringing her total 2023 compensation to $26 million, the bank said on Tuesday, citing what it said were her “sound” strategic priorities.

Fraser’s total compensation package for 2023 included a $1.5 million base salary, a $3.675 million cash incentive and around $20.8 million in deferred incentives, like deferred stock and performance share units.

That figure wasn’t as high as some of her CEO counterparts at other large banks. But Citigroup
in a filing, said that under Fraser’s leadership, the bank had taken big strides to simplify operations — through a pullback from its markets outside the U.S. — strengthened its wealth business and improved shareholder returns.

The filing also said she had taken steps to address regulatory concerns. The Federal Reserve in 2020 told Citi to tighten up its risk-management controls. In a related action at that time, the Office of the Comptroller of the Currency hit the bank with a fine.

The filing on Tuesday also cited what it said were “the most consequential set of changes to its organizational and management model since the 2008 financial crisis.”

Under her leadership, the bank has shed management layers, created a “client organization” more directly responsible for handling clients, and reorganized the company so that its top business leaders reported directly to her.

Shares of Citigroup were up 0.2% after hours, after finishing 1% higher during regular trading hours.

While the stock is up 11% over the past 12 months, it is still down over the past three years, and still well down from levels before the 2008 financial crisis. The company last year grew sales by 4%, but net income fell 38% from 2022.

JPMorgan Chase & Co.

 is giving Chief Executive Jamie Dimon $36 million in compensation for last year, up from $34.5 million in the prior year. Wells Fargo

said its board approved $29 million for CEO Charlie Scharf. That was the same amount approved for Bank of America Corp.

CEO Brian Moynihan, which was down slightly from 2022.

Goldman Sachs

Chief Executive David Solomon’s compensation last year was $31 million. For Morgan Stanley CEO James Gorman, that figure was $37 million.

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