Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. For non-personal use or to order multiple copies, please contact Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Vroom reports earnings. 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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. 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. Distribution and use of this material are governed by For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. "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. 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As data privacy regulations around the John Foley for In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. That's down from 29% in the first year Citi reported the figures. 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. Far better than ending up as a troubled bank with a demotivated leader. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Before becoming CEO, she was . The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. This information is according to proxy statements filed for the 2021 fiscal year. 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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. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Much of the attention surrounding Frasers pay may stem from her gender. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Fraser's rise is the result of a multiyear effort at Citi, the $74. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. She is the. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Type a symbol or company name. Will Others Follow? The industry leader for online information for tax, accounting and finance professionals. 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. 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. 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. Thats less sensible than it sounds. . Morgan Stanley shares were up around 25% over the same time. These symbols will be available throughout the site during your session. 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. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Ms Fraser's total pay in 2021 was $22.5 million. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. CONTEXT NEWS. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. That was when it really hit me that . 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. Copy and paste multiple symbols separated by spaces. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Fraser's compensation includes a $1.3 . Reuters->. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. Latest Update on the Future of Work at Citi. 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. Our Standards: The Thomson Reuters Trust Principles. Morgan Stanley shares were up around 25% over the same time. 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. 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. - 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. Jennifer Surane. If you have an ad-blocker enabled you may be blocked from proceeding. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Continue reading your article witha WSJ subscription, Already a member? The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. , 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, the news and media division of Thomson Reuters, is the worlds largest international multimedia news provider reaching more than one billion people every day. 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. (The author is a Reuters Breakingviews columnist. Please. 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. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Opinions expressed are those of the author. 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). https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. 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. Bank of America boss Brian Moynihan is in line for $32 million. ET, Presented by studioID and Dun and Bradstreet, Webinar 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 opinions expressed are his own.). Jane Fraser's picture. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. 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. Fraserwas paid $17.1 million for 2020. She took over as the first female chief executive of a major Wall Street bank in February 2021. | 2 p.m. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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 . Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. We've received your submission. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Musk Made a Mess at Twitter. . But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. - 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Thats less sensible than it sounds. 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. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. CEO compensation has risen steadily since the late 1970s. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. - 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. 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. Fraser was Citi's. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. Type a symbol or company name. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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 . 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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. Citigroup said on Tuesday it provides regulators with its plans and progress on remediation efforts on an ongoing basis and is working constructively with the regulators to take their feedback. Shes the first female CEO of a major US bank. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Written by 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. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. As data privacy regulations around the CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. But on Wall Street, she is a poor cousin. 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. Our Standards: The Thomson Reuters Trust Principles. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. - 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. 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 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Since Fraser took over the reins at Citi (. March 24, 2021. 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%. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. This report is not for commercial use. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Get the free daily newsletter read by industry experts. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. She also received $16,800 in other forms of compensation. 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 Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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.
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