British boss of Wall Street bank to get £30m after pay rise

Matthew Field

Fri, February 13, 2026 at 8:53 PM GMT+9 2 min read

Jane Fraser saw her total pay climb 22pc in 2025 - Mike Blake/Reuters

The British-born chief executive of US bank Citi has seen her pay rise to $42m (£31m), elevating her into the ranks of the best-paid leaders on Wall Street.

Jane Fraser, who hails from Scotland, saw her total pay climb 22pc in 2025, Citi said on Thursday night.

Her total $42m package ranks her compensation just below that of Jamie Dimon, the JP Morgan boss who earned $43m, and David Solomon, the Goldman Sachs boss who was awarded $47m.

The pay rise comes after Ms Fraser was elected chairman of the Wall Street bank alongside her post as chief executive last year.

Her deal also makes her among the best-paid British business executives globally and one of the top earning businesswomen in the world.

Ms Fraser was born in St Andrews, Fife, and has held the post of chief executive of Citi since 2021.

Educated at Cambridge and Harvard, the 58-year-old joined the bank in 2004 after a stint with McKinsey before rising through the ranks to its most senior position.

The Scottish banker took over as chief executive of Citi from Michael Corbat, who had previously said he did not expect to be replaced by a woman. She remains the first and only female chief executive among the biggest banks on Wall Street.

“One of the pieces of advice I was given when I became CEO is [to] ‘have big ears and thick skin’,” Ms Fraser told broadcaster Channel News Asia in 2023. “I strongly believe in excellence and empathy, and empathy to me is the big ears.”

Ms Fraser has overseen job cuts and axed layers of management at Citi, helping to improve performance.

Pay on Wall Street has jumped over the past year after a surge in deal-making and recovery in US stock market listings helped to boost revenues. The prospect of rate cuts by the Federal Reserve and optimism over the artificial intelligence boom have also helped propel bank stocks higher. Citi’s shares surged more than 65pc last year.

At Goldman Sachs, Mr Solomon’s climbed 21pc to $47m last year. Ted Pick, the boss of Morgan Stanley, saw his pay package jump 32pc to $45m after the bank’s shares climbed nearly 45pc over the year.

Ms Fraser is one of only a handful of women to have secured roles at the very top of the world’s biggest banks.

In the UK, Alison Rose was the chief executive of NatWest until 2023. Marianne Lake, a British-American senior executive at JP Morgan, is seen as a leading contender to replace Mr Dimon, its current chief executive.

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