Overview
- The board combined the CEO and chair roles as Fraser takes the gavel, making Citi the last of the four largest U.S. banks to unify the positions.
- Fraser received a one-time grant of $25 million in restricted stock units plus 1.055 million stock options with multi-year vesting.
- Outgoing chair John Dugan will serve as lead independent director to maintain board oversight.
- Citi cites progress on risk, compliance, and internal controls, reporting over two-thirds of programs at or near target, alongside a multi-year restructuring including divestitures, 20,000 planned job cuts by 2026, and the Banamex separation.
- The board’s endorsement follows stronger performance, with Citi shares up roughly 53% over the past year and recent quarterly revenue of $22.1 billion beating forecasts.