Citigroup’s compensation committee raised Jane Fraser’s total pay by 22% year-over-year, lifting her package to $42 million last year. The increase includes larger long-term equity awards tied to shareholder returns.

The bank’s shares climbed 66% over the past 12 months, driven by robust revenue growth and tighter expense controls. This performance ranked Citigroup among the top performers in the financial sector.

The higher pay will modestly raise operating expenses but reflects board confidence in management’s strategy. Investors may weigh the morale and retention benefits against concerns over executive payouts in a competitive banking environment.