Citi Hands Fraser More Power, Special Bonus After Stock Surge

For the first time since the early days of the global financial crisis, Citigroup Inc.’s CEO will also lead its board, as the bank gave Jane Fraser the additional title of chair and a multimillion-dollar retention bonus.

The firm gave Fraser a one-time share package consisting of restricted stock with a grant-date value of $25 million along with 1.055 million stock options potentially worth tens of millions of dollars more, the New York-based bank said Wednesday in a statement.

She becomes the last of the big six US bank CEOs to take the added position of chair, as ...