They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. The industry leader for online information for tax, accounting and finance professionals. Before joining Citi, Jane was a Partner at McKinsey & Company. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. All proxy statements are public filings made available to the general public by the SEC. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Her main source of income is from her primary work as a business executive and CEO. This report is not for commercial use. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. 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. Much of the attention surrounding Frasers pay may stem from her gender. Shes the first female CEO of a major US bank. All quotes delayed a minimum of 15 minutes. Frasers compensation includes a $1.3 million cash salary, plus $6.4 million as a cash bonus and $14.8 million in shares payable over several years, with some of those linked to financial targets. 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. That's down from 29% in the first year Citi reported the figures. Not the one that runs along gender lines though Fraser does get a third less than her male peers. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Morgan Stanley shares were up around 25% over the same time. 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. ET, Presented by studioID and Dun and Bradstreet, Webinar Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household https://www.census.gov/quickfacts/newyorkcitynewyork. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. The information shown here is a reporting of information included in the company's proxy statement. On the surface, Citis performance explains the difference. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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. Our Standards: The Thomson Reuters Trust Principles. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. 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. Fraser was paid a salary of $1.33 million and a cash bonus of $6.35 million when he became CEO on March 1, 2021. Ms Fraser's total pay in 2021 was $22.5 million. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. Reuters->. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Before becoming CEO, she was . 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Will Others Follow? | 2 p.m. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Please. The information shown here is a reporting of information included in the company's proxy statement. That was when it really hit me that . 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. Please disable your ad-blocker and refresh. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. - 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. - 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Citi had slashed Corbat's pay by 21% to $19 million for his final year in the job as the pandemic hit the bank's profits and shortcomings emerged in its risk controls. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Fraser, 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1.33 million salary, the New York-based bank said Monday in a filing. It was a Friday. Fraser's rise is the result of a multiyear effort at Citi, the $74. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Our Standards: The Thomson Reuters Trust Principles. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Feb. 28. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Since Fraser took over the reins at Citi (. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. She is the. 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). Get the free daily newsletter read by industry experts. This copy is for your personal, non-commercial use only. Vroom reports earnings. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Thats less sensible than it sounds. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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. 2023 NYP Holdings, Inc. All Rights Reserved, Citi hikes pay for junior bankers despite Wall Street layoffs: report, Goldman Sachs may slash bonuses for 3,000 investment bankers by 40%: report, Risk of a US recession now approaching 50%: Citigroup analysis, Goldman Sachs to give senior bankers unlimited vacation to rest and recharge: report. The "global . These symbols will be available throughout the site during your session. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. 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. CONTEXT NEWS. 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But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. The industry leader for online information for tax, accounting and finance professionals. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Besides, since the bulk of a CEOs pay package is drip-fed to them in shares over several years, and linked to financial targets, what Fraser eventually takes home depends on how she performs. Want to share a company announcement with your peers? Do Not Sell My Personal Information (CA Residents Only). 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. (The author is a Reuters Breakingviews columnist. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. I vividly remember March 6 last year. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. . Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. She also set in motion a strategy last April to withdraw from 13 retail banking markets in the Eastern Hemisphere and later added Mexico to that list. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. Fraser is a 16-year veteran of the bank and held a succession of important leadership roles for marquee divisions at Citi, including serving as the chief executive for the U.S. consumer and. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. ; 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 . Ms. Fraser, who .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}became chief executive on March 1, 2021, was given a salary of $1.33 million and a cash bonus of $6.35 million. 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 . Venture capitalists swap Paris Hilton for Al Gore, US blacklisting is no match for TikTok virality, Editing by Lauren Silva Laughlin and Sharon Lam, Theres hope beyond moaning for European telcos, Adani contrarian is a win for Hindenburg, too, Exclusive news, data and analytics for financial market professionals. Ms Fraser's total pay in 2021 was $22.5 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. Far better than ending up as a troubled bank with a demotivated leader. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Continue reading your article witha WSJ subscription, Already a member? Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. In a regulatory filing on Tuesday, Citi said Fraser's pay consisted of a $1.5mn base salary and a $23mn bonus paid in a mix of cash, deferred stock and performance share units. Bank of America boss Brian Moynihan is in line for $32 million. We've received your submission. Citi veteran Jane Fraser has been named Michael Corbat's successor. CEO compensation has risen steadily since the late 1970s. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Coronavirus Tips Working and Protection. Manish Sisodia's Custody Extended, CBI Told Not To Repeat Questions, In Karnataka, Arvind Kejriwal Twist To BJP's "Double-Engine Government", Flu Cases With Severe Symptoms Rise, Centre Issues Advisory: 10 Facts, "Grateful Adani Group Has Shown Faith In Australia": Ex PM Tony Abbott, "I Gave Up": Shark Tank Judge Namita Thapar Reveals Her Struggles With IVF, Here's How To Avoid Covid-Like Flu Sweeping Across India, "World's 1st" Bamboo Crash Barrier Installed In Maharashtra: Nitin Gadkari, Influencer Andrew Tate, Facing Human Trafficking Charges, Has Lung Cancer, Rajya Sabha MP Kapil Sibal Announces Platform To Fight Injustice. March 24, 2021. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. 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. On the surface, Citis performance explains the difference. Incentives matter too. Thats up from 35% last year. But on Wall Street, she is a poor cousin. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. The opinions expressed are his own.). Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. She has been CEO of four Citi units and presently heads up a fifth and the largest, the Global Consumer Bank and is President of the entire company. Female employees at the bank made 26% less than male employees as of January 2021, Sara Wechter, Citi's head of human resources, wrote in a blog post. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. As data privacy regulations around the The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Half of Frasers non-base-pay compensation derives from the PSUs. The compensation committee took into account the company's return of almost $12B in capital to its common shareholders, growth of its book value per share of 7% to $92.21, and CET1 capital ratio of 12.3%. articles a month for anyone to read, even non-subscribers! In Fraser's first year as CEO, the bank also submitted plans to the OCC and the Federal Reserve to address how to resolve its 2020 consent orders. Will His AI Plans Be Any Different? 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. 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. "Notwithstanding challenging macroeconomic and geopolitical developments, under Ms Fraser's leadership Citi made solid progress on each of our priorities, and the compensation committee recognises the strategic direction that took shape during 2022," Citi said in its filing. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Ms Fraser's total pay in 2021 was $22.5 million. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. - 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. Get started Thats less sensible than it sounds. She took over as the first female chief executive of a major Wall Street bank in February 2021. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. - 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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 bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Bank of America boss Brian Moynihan is in line for $32 million. 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 Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Jennifer Surane. This information is according to proxy statements filed for the 2021 fiscal year. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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? She joined Citi in 2004 in the Corporate and Investment Banking division. Thanks for contacting us. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. You may also find the annual proxy statement by going directly to the company's website. If a company isnt doing well, its board and investors should want the best person to clean it up. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Morgan Stanley shares were up around 25% over the same time. - 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. Opinions expressed are those of the author. 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. Incentives matter too. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement.

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