Citigroup has handed chief executive Jane Fraser a 6% pay rise to $26m for 2023, with the bank citing progress on her radical overhaul that looks to reshape the organisation.

Fraser was paid a salary of $1.5m, plus another $3.7m in a cash bonus. Meanwhile, she received $8.5m in deferred stock, which vests over four years and $12.3m in performance share awards that pay out over three years.