Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. All rights reserved. | 1 p.m. Thorough reviews have been conducted to assure this data accurately reflects disclosures. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Far better than ending up as a troubled bank with a demotivated leader. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Citi in 2018 chose to reveal raw pay gap data, becoming the first U.S. bank of its size to do so, and it typically posts yearly updates on its progress narrowing the wage gap. See here for a complete list of exchanges and delays. All proxy statements are public filings made available to the general public by the SEC. Want to share a company announcement with your peers? She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. On the surface, Citis performance explains the difference. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. CEO compensation has risen steadily since the late 1970s. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. That was when it really hit me that . She took over as the first female chief executive of a major Wall Street bank in February 2021. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Fiscal Year Ended in 2021 The charts on this page feature a breakdown of the total annual pay for the top executives at CITIGROUP INC as reported in their proxy statements. That would leave China, Russia, Poland and Bahrain as well as Mexico as the markets from which Citi has yet to determine an exit plan. The charts on this page feature a breakdown of the total annual pay for the top executives at CITIGROUP INC as reported in their proxy statements. Reuters, the news and media division of Thomson Reuters, is the worlds largest international multimedia news provider reaching more than one billion people every day. Get started For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Her $1.33 million salary represents 10 months at Citis usual CEO pay rate of $1.5 million per year because Fraser took over the banks top role March 1, the bank said. - Citigroups board awarded Chief Executive Jane Fraser $22.5 million for running the U.S. bank in 2021, according to a filing on Feb. 14. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Shes the first female CEO of a major US bank. Mr. Fraser's rise is the result of a multiyear effort at Citi, the $74. The industry leader for online information for tax, accounting and finance professionals. Written by We've received your submission. Jane Fraser's picture. You may also find the annual proxy statement by going directly to the company's website. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5 million for 2022, up 9 per cent from the prior year, reported Wall Street Journal. Her pay is still below the $34.5 million of JPMorgan & Chase Co's JPM.N CEO Jamie Dimon, and Morgan Stanley (MS.N) CEO James Gorman's $31.5 million, according to Reuters data. She has started to dismantle Citis decades-old sprawl, selling off retail banking divisions in Asia and Europe, and putting its Mexican arm on the auction block, but those massive changes will take a while to pay off. Fraserwas paid $17.1 million for 2020. JPMorgans (JPM.N) Jamie Dimon read more and Bank of Americas (BAC.N) Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. | 2 p.m. Will His AI Plans Be Any Different? All quotes delayed a minimum of 15 minutes. Feb. 28. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. I left the office and walked down to the grocery store to stock up and there was not one vegetablefresh or frozenleft on any of the shelves. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Jane Fraser net worth is estimated at around $25 million. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Thats less sensible than it sounds. Thats less sensible than it sounds. Citi picks Jane Fraser as next CEO first woman to lead the bank. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Citigroup Inc. awarded Chief Executive Officer Jane Fraser $22.5 million for her work in 2021 after she assumed the top job in February and helped guide the bank through regulatory hurdles. Much of the attention surrounding Frasers pay may stem from her gender. Before joining Citi, she was a partner at McKinsey & Co. Fraserformally took the helm at Citi last February after being named as Mike Corbats successor in 2020. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. As data privacy regulations around the Citigroup Inc. awarded Chief Executive Officer Jane Fraser $24.5 million in pay for 2022, making her the only major US bank CEO to receive a bump in compensation for the year. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. The information shown here is a reporting of information included in the company's proxy statement. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Citi paid CEO Jane Fraser $24.5 million for 2022, an 8.9% increase over the $22.5 million she made the previous year, according to a filing the bank made Tuesday with the Securities and Exchange Commission. Shareholders dont want to see an executive strike gold when they have not, and investor advisers like Institutional Shareholder Services tend to oppose pay packages out of line with stock returns. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Musk Made a Mess at Twitter. - Citigroup's board awarded Chief Executive Jane Fraser $22.5 million for running the U.S. bank in 2021, according to a filing on Feb. 14. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Shareholders dont want to see an executive strike gold when they have not, and investor advisers like Institutional Shareholder Services tend to oppose pay packages out of line with stock returns. These symbols will be available throughout the site during your session. On the surface, Citis performance explains the difference. Of this total $1,333,333 was received as a salary, $7,912,500 was received as a bonus, $0 was received in stock options, $11,215,773 was awarded as stock and $79,718 came from other types of compensation. See here for a complete list of exchanges and delays. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. The opinions expressed are his own.). For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. articles a month for anyone to read, even non-subscribers! Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year. Fraser's compensation includes a $1.3 . Bank of America boss Brian Moynihan is in line for $32 million. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Citigroup Chief Executive Jane Fraser will take home total compensation of $22.5 million for 2021 a nearly 32% increase from the previous year, the bank said Monday. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Feb 14 (Reuters) - Citigroup Inc (C.N) Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and the head of its consumer businesses, the bank disclosed on Monday. Before becoming CEO, she was . She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Citi veteran Jane Fraser has been named Michael Corbat's successor. our Subscriber Agreement and by copyright law. Ms. Fraser owns over 32,400 units of Citigroup Inc stock worth over $5,179,478 and over the last 5 years she sold C stock worth over $2,512,944. Reuters->. She has started to dismantle Citis decades-old sprawl, selling off retail banking divisions in Asia and Europe, and putting its Mexican arm on the auction block, but those massive changes will take a while to pay off. Citigroup Chief Executive JaneFraser will take home total compensation of $22.5 million for 2021 a nearly 32% increase from the previous year, the bank said Monday. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Is this happening to you frequently? Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Far better than ending up as a troubled bank with a demotivated leader. Thats up from 35% last year. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. - Goldman Sachs and Morgan Stanleys boards each awarded their chief executives, David Solomon and James Gorman, $35 million in cash and shares, while JPMorgan boss Jamie Dimons package for the year totals $34.5 million. In her first year as CEO, Jane Fraser quickly set to work on a strategic refresh and announced plans to shed consumer banking assets around the globe. 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. That could fuel analysts questions at TDs earnings call Thursday. She received a total incentive award of ~$21.17M, including a cash incentive of $6.35M, deferred stock of $4.23M and performance share units of $10.58M. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Since Fraser took over the reins at Citi (. March 24, 2021. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. - Citigroups board awarded Chief Executive Jane Fraser $22.5 million for running the U.S. bank in 2021, according to a filing on Feb. 14. Do Not Sell My Personal Information (CA Residents Only). But on Wall Street, she is a poor cousin. If a company isnt doing well, its board and investors should want the best person to clean it up. Citi CEO Jane Fraser shares her perspective on banking's shifting leadership landscape and the opportunity for diverse styles on CNBC Closing Bell: "I hope to Feb 14 (Reuters) - Citigroup Inc (C.N) Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and . Goldman Sachs Group Inc (GS.N) CEO David Solomon and Morgan Stanley (MS.N) CEO James Gorman are both getting $35 million, while Brian Moynihan, CEO of Bank of America Corp (BAC.N), is receiving $32 million. . The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. That's down from 29% in the first year Citi reported the figures. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Please disable your ad-blocker and refresh. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Opinions expressed are those of the author. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Of this total $1,333,333 was received as a salary, $7,912,500 was received as a bonus, $0 was received in stock options, $11,215,773 was awarded as stock and $79,718 came from other types of compensation. But on Wall Street, she is a poor cousin. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Jennifer Surane. Citi had slashed Corbats pay by 21% to $19 million for his final year in the job as the pandemic hit the banks profits and shortcomings emerged in its risk controls. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? This report is not for commercial use. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Before joining Citi, Jane was a Partner at McKinsey & Company. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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ET, First Horizon warns TD deal may be in limbo, Citi to cut hundreds of investment banking, mortgage, tech jobs: reports, Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle, JPMorgan decries fishing expedition in Epstein case, How Banks are Better Navigating Industry Changes, Winning banking customer service in the COVID era, The rise of imitation banks may lead to regulatory scrutiny, Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts, N26 head of risk quits in escalating leadership crisis, How to Deliver Cost Savings While Improving Service in the Banking World, 2023 Economic Insight & Best Practices in Financial Risk Management, How to Decrease Errors & Fraud in Financial Institutions, Protecting your Financial Institution from Mobile Fraud Schemes in 2023, First Fidelity Bank enters BaaS space with Episode Six partnership, Ohio bank reaches $9M redlining settlement with DOJ, Goldman pins its hopes on asset and wealth management, While her compensation ranks well below industry leaders the CEOs of, Frasers $22.5 million for 2021 is also 18.2% more than the. - Citigroup's board awarded Chief Executive Jane Fraser $22.5 million for running the U.S. bank in 2021, according to a filing on Feb. 14. Please. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The "global . Citigroup directors cited Fraser's ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. , The free newsletter covering the top industry headlines, By Anna Hrushka, Dan Ennis and Gabrielle Saulsbery , Encapture releases data validation solution to enhance compliance automation, By signing up to receive our newsletter, you agree to our, Webinar This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Frasers compensation breaks down to a $1.33 million annual salary, a $6.35 million cash incentive, $4.23 million in deferred stock that vests over four years and $10.58 million in performance share units (PSUs). Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. She is the first woman to lead a U.S.-based Wall Street bank, and Citi long before Frasers ascent positioned itself as a market leader on gender equality. ET, Presented by studioID and Dun and Bradstreet, Webinar David Westin speaks with top names in finance about the week's biggest issues on Wall Street. She also received $16,800 in other forms of compensation. Bank of America boss Brian Moynihan is in line for $32 million. Ms Fraser's total pay in 2021 was $22.5 million. Oil Producers Hand $128 Billionto Investors as Doubts Grow About Future of Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Rapper, chef and author Action Bronson takes us on a journey from his early days at culinary school, to releasing critically acclaimed albums, to writing books, starring in TV shows and building an iconic brand around his favorite interests. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. It was a Friday. If a company isnt doing well, its board and investors should want the best person to clean it up. On that front, Axis Bank has emerged as the front-runner to acquire Citi's consumer-banking footprint in India in a deal that could be worth $2.5 billion, according to Bloomberg. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. . Not the one that runs along gender lines though Fraser does get a third less than her male peers. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. John Foley for All quotes delayed a minimum of 15 minutes. Subscribe to Banking Dive for top news, trends & analysis. This information is according to proxy statements filed for the 2021 fiscal year. Incentives matter too. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. (The author is a Reuters Breakingviews columnist. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Coronavirus Tips Working and Protection. The information shown here is a reporting of information included in the company's proxy statement. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. CONTEXT NEWS. If you have an ad-blocker enabled you may be blocked from proceeding. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. read more. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Morgan Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last year. In this episode, Bronson explains how the lessons he learned in the kitchen translated to the booth, the reason money can never be the motivation for creating art, and why he believes that imperfections are the best part of any masterpiece. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. All proxy statements are public filings made available to the general public by the SEC. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. NEW YORK (Reuters Breakingviews) - Jane Frasers $22.5 million package https://www.sec.gov/ix?doc=/Archives/edgar/data/0000831001/000110465922022820/c-20220210x8k.htm for running Citigroup embodies a Wall Street pay gap. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, which serves millions of consumers, businesses and institutions across 160 countries and jurisdictions. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. (Editing by Lauren Silva Laughlin and Sharon Lam). Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Our Standards: The Thomson Reuters Trust Principles. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. I vividly remember March 6 last year. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. California Weighs $360,000 in Reparations to Eligible Black Residents. ; While her compensation ranks well below industry leaders the CEOs of Morgan Stanley and Goldman Sachs each made $35 million last year the package represents a 31.2% raise over the $17.15 million Fraser made as Citi's second-highest-ranking executive in 2020, according to The Wall .
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