A Fife woman has become the world’s most powerful female banker after her pay topped $100 million.
St Andrews born Jane Fraser, chief executive of Citigroup, is the only woman at the helm of a major global bank.
It was revealed today that the 57-year-old earned a huge $34.5m (£27.4m) in 2024 – taking her pay since taking the top job at the Wall Street giant in 2021 to $107.5m (£85.4m).
The American bank confirmed the “compensation” includes a base salary of $1.5m, a $4.95m cash incentive and the rest in deferred incentives.
Top bosses at most US banks receive the majority of their income in the form of stock-linked incentives rather than cash.
Jane Fraser led Citigroup during job cuts
Citigroup praised its CEO for streamlining its structure and reducing management layers.
Its board said Fraser is “laying the foundation” for long-term growth and “promptly and thoughtfully” led the bank.
The Fifer has overseen a shake-up of the Citigroup, which saw 20,000 jobs axed in recent years.
Citigroup’s stock has outperformed all other banks by around 20% so far this year after rocketing 37% in 2024.
Veteran financial commentator David Buik described the mother-of-two as “the undisputed Queen of Wall Street”.
He said: “Metaphorically speaking, she eats nails for breakfast and spits rust out.
“She is the undisputed Queen of Wall Street and under her contractual arrangements deserves every cent.”
Fraser was born in St Andrews and studied economics at Cambridge University, before beginning her career at Goldman Sachs.
She secured a place as the prestigious Harvard Business School in 1992, earning her MBA in 1994.
Fraser worked at consulting giant McKinsey before moving to Citigroup in 2004.
After rising through the ranks, she was named CEO in 2020 and officially stepped into the role in March 2021.
Motherhood juggle for Citigroup boss
Fraser, who has two sons, has previously spoken about the difficulties of balancing her high-flying career with her motherhood role.
In 2015, she said: “Being a mother of young children and having a career is the toughest thing I have ever had to do.
“You are exhausted, guilty, and you must learn how to do things differently.
“It was the making of me because I focussed on what was really important, got good at saying no and also became more human to the clients.”
Her Cuban husband Alberto Piedra, formerly head of global banking at Dresdner Kleinwort, notably quit his job in 2008 to look after their two children.
Meanwhile, in 2023, Fraser sparked controversy following her comments about working from home.
Speaking at the World Economic Forum in Davos, she said Citigroup staff who were not pulling their weight while working from home would be pulled back into the office for “coaching”.
She told an event at the World Economic Forum in Davos: “I believe that there’s an important balance here”.
If remote staff were “not being productive” she said she would “bring them back to the office or back to the site”.
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