Feb 18 (Reuters) - Citigroup ( C/PN ) said on Tuesday it

had set Chief Executive Officer Jane Fraser's 2024 compensation

at $34.5 million, 33% more than the previous year.

The compensation includes $1.5 million of base salary, $4.95

million in cash incentive and the rest in deferred incentives,

the bank said. Fraser had received $26 million in total

compensation in the previous year.

In a regulatory filing that explained the compensation, the

bank cites a 3% growth in full-year revenues, a 37% rise in net

income and comparable pay for CEOs at similar financial

institutions.

The bank praised the CEO for streamlining its structure

and reducing management layers. On the regulatory front,

directors noted that the bank has closed a 2013 consent order

related to money laundering, but stressed that substantial work

remained to be done.

In 2020, the Office of the Comptroller of the Currency

and the Federal Reserve fined Citi $400 million for risk and

data failures. Last July, regulators fined Citi $136 million for

insufficient progress in tackling those issues.