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Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. As data privacy regulations around the If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. She joined Citi in 2004 in the Corporate and Investment Banking division. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Her main source of income is from her primary work as a business executive and CEO. Fraserwas paid $17.1 million for 2020. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. ET, Presented by studioID and Dun and Bradstreet, Webinar 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. - 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. If a company isnt doing well, its board and investors should want the best person to clean it up. New and used auto sales are hotter than a car left in a mall parking lot all afternoon, and online sales may be the wave of the future. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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 was paid a salary of $1.33 million and a cash bonus of $6.35 million when he became CEO on March 1, 2021. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Written by Not the one that runs along gender lines though Fraser does get a third less than her male peers. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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). Far better than ending up as a troubled bank with a demotivated leader. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. John Foley for 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. On the surface, Citis performance explains the difference. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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. "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. Ms Fraser's total pay in 2021 was $22.5 million. Fraser's compensation includes a $1.3 . | 2 p.m. Our Standards: The Thomson Reuters Trust Principles. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. See here for a complete list of exchanges and delays. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. You may also find the annual proxy statement by going directly to the company's website. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. But on Wall Street, she is a poor cousin. Fraser was Citi's. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Fraser's compensation includes a $1.3 million cash. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. This copy is for your personal, non-commercial use only. Mr. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Jane Fraser's picture. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Fraser's rise is the result of a multiyear effort at Citi, the $74. Latest Update on the Future of Work at Citi. 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 was Citis president and head of the consumer business for the 2020 pay period. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. read more. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Our Standards: The Thomson Reuters Trust Principles. California Weighs $360,000 in Reparations to Eligible Black Residents. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. That's down from 29% in the first year Citi reported the figures. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Jane Fraser (born 1967) [1] is a British - American banking executive and the chief executive (CEO) of Citigroup, a position she has held since March 2021. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. 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 . However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. 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. Jennifer Surane. This report is not for commercial use. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Incentives matter too. Feb. 28. 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. The "global . 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. Musk Made a Mess at Twitter. - 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. See here for a complete list of exchanges and delays. If you have an ad-blocker enabled you may be blocked from proceeding. See here for a complete list of exchanges and delays. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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. Before becoming CEO, she was . That was when it really hit me that . Bank of America boss Brian Moynihan is in line for $32 million. All quotes delayed a minimum of 15 minutes. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Get started (Editing by Lauren Silva Laughlin and Sharon Lam). Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. The industry leader for online information for tax, accounting and finance professionals. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. To narrow the gap in the raw data, the bank has embarked on an effort to level up to at least 40% the proportion of women in its assistant vice president through managing director roles. Thats up from 35% last year. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. March 24, 2021. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Please disable your ad-blocker and refresh. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Will His AI Plans Be Any Different? Half of Frasers non-base-pay compensation derives from the PSUs. 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. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. Vroom reports earnings. She is the. This report is not for commercial use. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. As data privacy regulations around the For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Morgan Stanley shares were up around 25% over the same time. Thanks for contacting us. 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. Far better than ending up as a troubled bank with a demotivated leader. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Is this happening to you frequently? Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Ms Fraser's total pay in 2021 was $22.5 million. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. The information shown here is a reporting of information included in the company's proxy statement. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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). Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. This information is according to proxy statements filed for the 2021 fiscal year. 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. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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. , 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 Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. All quotes delayed a minimum of 15 minutes. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. If a company isnt doing well, its board and investors should want the best person to clean it up. CONTEXT NEWS. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Ms Fraser's pay rise has made her the only big US bank boss to receive a bump amid a challenging year for the industry. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Opinions expressed are those of the author. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. I vividly remember March 6 last year. Subscribe to Banking Dive for top news, trends & analysis. Reuters->. Thats less sensible than it sounds. 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. 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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. 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. On the surface, Citis performance explains the difference. The industry leader for online information for tax, accounting and finance professionals. 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. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. . ; 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 . But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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 - 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. Jane Fraser net worth is estimated at around $25 million. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . That could fuel analysts questions at TDs earnings call Thursday. 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. For non-personal use or to order multiple copies, please contact You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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.