Citigroup lifted CEO Jane Fraser‘s pay about 6% to $26 million for a yr during which she kicked off a main overhaul of the Wall Avenue big to simplify operations and enhance profitability.

The New York-based financial institution awarded Fraser a complete of $1.5 million in wage and $24.5 million in stock-based and money incentive awards for 2023, it mentioned in a submitting Tuesday. Fraser, who’s been in her publish since March 2021, was the one main financial institution CEO to get a increase for 2022, a transfer largely attributed to it being her first full yr working the corporate.

READ MORE: Which huge financial institution CEOs obtained hefty pay raises in 2023?

The rise in pay comes after Fraser initiated what’s billed as the biggest remodeling of Citigroup in a long time, designed to propel the agency from a banking underdog to at least one aggressive with its extra worthwhile friends. Final month, the financial institution mentioned it could minimize 20,000 roles in its bid to spice up returns.

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The compensation committee of Citigroup’s board believes Fraser’s “strategic and different priorities are sound and that she is executing on them promptly and thoughtfully, with a watch in direction of driving long-term sustainable progress, improved returns and enhanced security and soundness,” in line with the submitting.

Citigroup’s shares rose practically 14% final yr after three consecutive years of declines. Internet earnings, nonetheless, dropped by 38% as income slowdowns throughout the financial institution’s markets, wealth and banking divisions have been compounded by rising bills as a consequence of investments throughout many of the enterprise.

The pay package deal for Fraser, the one feminine head of a U.S. banking big, stays the bottom of her cohort.