Citigroup increased Chief Executive Officer Jane Fraser's compensation by nearly 9 percent to US$24.5 million for 2022, the lender said in a filing on Tuesday.

Fraser's total pay in 2021 was US$22.5 million.

She took over as the first female chief executive of a major Wall Street bank in February 2021.

Her pay is still below the US$34.5 million of JPMorgan & Chase Co's CEO Jamie Dimon, and Morgan Stanley CEO James Gorman's US$31.5 million.

Fraser's base salary was US$1.5 million, her cash incentive was US$3.45 million and her deferred incentives included US$8.05 million in deferred stock and US$11.5 million of performance share units, the filing showed.

Citigroup reported a 21 percent fall in fourth-quarter profit last month, missing forecasts, as the bank increased provisions to prepare for a worsening economy and as investment banking revenue declined due to a sharp drop in dealmaking activity.

Citigroup last year submitted a comprehensive multiyear plan to the Federal Reserve and the Office of the Comptroller of the Currency outlining steps to fix weaknesses in its risk management and internal controls

Citigroup said on Tuesday it provides regulators its plans and progress on remediation efforts on an ongoing basis and is working constructively with the regulators to take their feedback. (Reuters)