our Subscriber Agreement and by copyright law. 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. Please. Far better than ending up as a troubled bank with a demotivated leader. 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. Want to share a company announcement with your peers? Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. If a company isnt doing well, its board and investors should want the best person to clean it up. Incentives matter too. Vroom reports earnings. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Fraserwas paid $17.1 million for 2020. 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Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. That could fuel analysts questions at TDs earnings call Thursday. Morgan Stanley shares were up around 25% over the same time. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Thorough reviews have been conducted to assure this data accurately reflects disclosures. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Ms Fraser's total pay in 2021 was $22.5 million. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. "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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. CONTEXT NEWS. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Jane Fraser net worth is estimated at around $25 million. 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. 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. - 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. 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. Fraser's compensation package for 2023 includes a base salary of $1.5 million, a cash incentive of $3.45 million, and deferred incentives of $8.05 million in deferred stock and $11.5 million in performance share units. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Much of the attention surrounding Frasers pay may stem from her gender. Thanks for contacting us. These symbols will be available throughout the site during your session. On the surface, Citis performance explains the difference. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. She joined Citi in 2004 in the Corporate and Investment Banking division. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, iPhone Maker Plans $700 Million India Plant in Shift From China, Stock Traders Are Ignoring Blaring Bond Alarms, S&P 500 Notches Best Week Since Late January: Markets Wrap. This copy is for your personal, non-commercial use only. This information is according to proxy statements filed for the 2021 fiscal year. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. - 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. That was when it really hit me that . Incentives matter too. Fraser's compensation includes a $1.3 million cash. 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In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Far better than ending up as a troubled bank with a demotivated leader. 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. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. All quotes delayed a minimum of 15 minutes. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Goldman Sachs Group IncCEO David Solomon and Morgan StanleyCEO James Gorman are both getting $35 million, while Brian Moynihan, CEO of Bank of America Corp, is receiving $32 million. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. . March 24, 2021. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. All quotes delayed a minimum of 15 minutes. 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%. 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. Copy and paste multiple symbols separated by spaces. 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. read more. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Fraser's compensation includes a $1.3 . Opinions expressed are those of the author. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. See here for a complete list of exchanges and delays. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Citi picks Jane Fraser as next CEO first woman to lead the bank. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. . Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. articles a month for anyone to read, even non-subscribers! Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. You may also find the annual proxy statement by going directly to the company's website. Feb. 28. 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. Coronavirus Tips Working and Protection. ; 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 . , 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 Reuters->. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. She's the only CEO of a top-six U.S. bank to receive a raise last year. All proxy statements are public filings made available to the general public by the SEC. ET, Presented by studioID and Dun and Bradstreet, Webinar CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. On the surface, Citis performance explains the difference. It was a Friday. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. The "global . Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. | 2 p.m. Fraser's rise is the result of a multiyear effort at Citi, the $74. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Is this happening to you frequently? Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Musk Made a Mess at Twitter. But on Wall Street, she is a poor cousin. This report is not for commercial use. Type a symbol or company name. Half of Frasers non-base-pay compensation derives from the PSUs. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. 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(Editing by Lauren Silva Laughlin and Sharon Lam). Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. 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. 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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). 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. You may also find the annual proxy statement by going directly to the company's website. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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 a company isnt doing well, its board and investors should want the best person to clean it up. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Mr. 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). For non-personal use or to order multiple copies, please contact Get the free daily newsletter read by industry experts. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Subscribe to Banking Dive for top news, trends & analysis. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Fraser's 2022 pay package included a $1.5 million salary, a $3.45 million cash bonus and $19.6 million in stock awards, per Bloomberg. The bank paid Fraser $22.5mn for her work in 2021, when she took over as CEO at the end of February, replacing Mike Corbat, reported Financial Times. 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Ms Fraser's total pay in 2021 was $22.5 million. Do Not Sell My Personal Information (CA Residents Only). 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Continue reading your article witha WSJ subscription, Already a member? CEO compensation has risen steadily since the late 1970s. 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. Distribution and use of this material are governed by Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Thats up from 35% last year. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. As data privacy regulations around the | 1 p.m. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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 . 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Bank of America boss Brian Moynihan is in line for $32 million. 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. 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. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. All rights reserved. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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.
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