Citi Bull Mayo Says CEO’s Double Bonus Is Too Large and Too Soon

Longtime Citigroup Inc. bull Mike Mayo said the bank’s decision to give CEO Jane Fraser a multimillion-dollar retention bonus and the additional title of chair reflected poor governance and prematurely rewards the chief executive.

“Citi is among the worst offenders of pay for lack of performance in history,” the Wells Fargo analyst wrote in an October 22 note, adding that the package “continues a long tradition of paying in excess — or in this case at least before — proper performance.”

Read more: Citi Hands Fraser More Power, Special Bonus After Stock Surge

Citi on Wednesday said it was giving ...