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Citigroup President Fraser To Get $12.5 Million After Promotion

Jane Fraser
Jane FraserPhotograph: Rodrigo Capote/Bloomberg

Jane Fraser, who was promoted to the No. 2 job at Citigroup Inc. last month, is getting a $12.5 million bonus as the bank looks to retain a likely successor to Chief Executive Officer Michael Corbat.

The board’s compensation committee granted the award “in recognition of Ms. Fraser’s recent promotion to president and to enhance leadership continuity and management succession planning,” according to a regulatory filing Wednesday just before the Thanksgiving holiday.