Vis Raghavan's small Citi salary and big Citi bonus revealed
Vis Raghavan runs Citi's investment bank, but he does not - for the moment - run Citi. That distinction goes to CEO Jane Fraser, and it shows in the amount the two are paid.
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Citi's newly released proxy statement reveals that Fraser earned $34.5m for 2024, split between a $1.5m salary, a $5m cash bonus, and $28m of stock.
Raghavan earned $22.6m, split between a $600k salary, an $8.8m cash bonus and $13.5m of stock.
40% of Raghavan's reward therefore comprised a cash bonus, compared to just 14% for Jane Fraser.
Raghavan may not be paid on a par with Citi's CEO, but he can at least console himself that he's the best paid of her lieutenants. Andy Morton, who runs the markets business, earned $21.5m. Andy Sieg, who runs the problematic wealth management business, earned $13m.
Raghavan's supreme compensation comes despite the fact that he only joined from JPMorgan in June last year and that the banking unit he runs only generated $1.5bn in net income, compared to $4.9bn for Morton's markets business.
Citi said Raghavan's compensation for last year, "was negotiated in connection with his agreement to join Citi." Raghavan also received $171k in relocation expenses to move from London to New York. Morton relocated too, but he only got $11k.
Raghavan also received over $40m in stock options to compensate for the stock he left behind at JPMorgan. This vests as follows: 28.61% on January 20, 2026, 23.11% on January 20, 2027, 19.77% on January 20, 2028, 15.19% on January 20, 2029, 9.01% on January 20, 2030 and 4.31% on January 20, 2031. He will presumably be going nowhere for a while.
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