10.22.25

Citi Board Names Jane Fraser as Chair

by: Joshua Franklin; Akila Quinio

Citigroup has appointed CEO Jane Fraser as chair of its board and awarded her a one-time $25 million bonus, highlighting her leadership amid the bank’s major restructuring. Fraser, CEO since 2021, is leading efforts to simplify Citi and boost shareholder value, following a decade-long separation of the chair and CEO roles. The bonus was discretionary, reflecting the board’s confidence in her strategy. Citi’s overhaul includes cutting 20,000 jobs and streamlining management. Signs of progress include a 16% rise in third quarter net income to $3.8 billion, improved revenue across divisions and a return on tangible common equity increase to 8%, while shares have risen over 50% in the past year.

Read the full article on Financial Times