Citi’s Jane Fraser consolidates power with board chair vote — and a $25 million-plus bonus to boot

Core Points - Citigroup's board has appointed CEO Jane Fraser as chair, signaling strong support for her leadership and consolidating her power over the $1.8 trillion bank [1][2] - This move aligns with a broader industry trend where CEOs also lead their banks' corporate boards, a shift not seen at Citi since before the 2007 mortgage crisis [2] - Fraser's strategy to simplify Citi into five core business divisions has resulted in a 46% increase in stock value during her tenure [5] Company Performance - Citigroup's stock has increased by 36% since the beginning of the year, outperforming its rivals [3] - The bank aims for a return on tangible common equity (ROTCE) of 10% to 11% for the next year, down from a previous target of 11% to 12% [6] - As of the end of September, Citi's ROTCE was reported at 8% [6] Historical Context - Citigroup was once the largest financial institution in the U.S., but its complexity led to challenges, particularly during the 2008-2009 financial crisis [4] - The bank has been on a multi-year journey to simplify its operations and unwind parts of its previous expansive structure [4]