Citigroup handed former JPMorgan banker Vis Raghavan $22.6m for 2024, making him its second highest-paid executive as he attempts to turn its investment bank around.

Raghavan, who was hired by Citigroup in February last year, received a cash bonus of $8.8m for 2024, a figure that comfortably exceeded chief executive Jane Fraser’s $5m, according to a newly released proxy statement from the bank.