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Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. 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. 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In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. On the surface, Citis performance explains the difference. 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. 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. 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. "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. our Subscriber Agreement and by copyright law. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. The opinions expressed are his own.). 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. 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. Fraser's rise is the result of a multiyear effort at Citi, the $74. Bank of America boss Brian Moynihan is in line for $32 million. But on Wall Street, she is a poor cousin. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. - 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Bank of America boss Brian Moynihan is in line for $32 million. Get started The chart on this page features a breakdown of the total annual pay for Jane Fraser, CEO at CITIGROUP INC as reported in their proxy statements. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Type a symbol or company name. These symbols will be available throughout the site during your session. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. Subscribe to Banking Dive for top news, trends & analysis. Ms Fraser's total pay in 2021 was $22.5 million. You may also find the annual proxy statement by going directly to the company's website. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Much of the attention surrounding Frasers pay may stem from her gender. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Written by Thats less sensible than it sounds. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. CEO compensation has risen steadily since the late 1970s. Continue reading your article witha WSJ subscription, Already a member? For non-personal use or to order multiple copies, please contact Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Vroom reports earnings. Morgan Stanley shares were up around 25% over the same time. - 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. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Mr. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. This report is not for commercial use. Ms Fraser's total pay in 2021 was $22.5 million. 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. ET, Presented by studioID and Dun and Bradstreet, Webinar She also received $16,800 in other forms of compensation. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. But on Wall Street, she is a poor cousin. Distribution and use of this material are governed by Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Jane Fraser net worth is estimated at around $25 million. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. March 24, 2021. On the surface, Citis performance explains the difference. This copy is for your personal, non-commercial use only. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Let Banking Dive's free newsletter keep you informed, straight from your inbox. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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%. Incentives matter too. 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. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. It was a Friday. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. - 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. . Musk Made a Mess at Twitter. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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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. Feb. 28. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. 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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Before joining Citi, Jane was a Partner at McKinsey & Company. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. As data privacy regulations around the For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. 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. Thanks for contacting us. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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). . The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. (The author is a Reuters Breakingviews columnist. Jane Fraser's picture. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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). Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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(Editing by Lauren Silva Laughlin and Sharon Lam). | 2 p.m. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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 $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Want to share a company announcement with your peers? 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. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. This information is according to proxy statements filed for the 2021 fiscal year. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The "global . | 1 p.m. All proxy statements are public filings made available to the general public by the SEC. Before becoming CEO, she was . 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. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. All quotes delayed a minimum of 15 minutes. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. 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. This report is not for commercial use. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. All proxy statements are public filings made available to the general public by the SEC. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. You may also find the annual proxy statement by going directly to the company's website. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. The industry leader for online information for tax, accounting and finance professionals. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. If you have an ad-blocker enabled you may be blocked from proceeding. Her main source of income is from her primary work as a business executive and CEO. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Our Standards: The Thomson Reuters Trust Principles. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. Is this happening to you frequently? 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. 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. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. - 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. 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. The industry leader for online information for tax, accounting and finance professionals. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Do Not Sell My Personal Information (CA Residents Only). Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Create your Watchlist to save your favorite quotes on Nasdaq.com. CONTEXT NEWS. 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 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. - 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Fraserwas paid $17.1 million for 2020. Thorough reviews have been conducted to assure this data accurately reflects disclosures. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Get the free daily newsletter read by industry experts. See here for a complete list of exchanges and delays. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. See here for a complete list of exchanges and delays. Copy and paste multiple symbols separated by spaces. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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). If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Will His AI Plans Be Any Different? 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. Half of Frasers non-base-pay compensation derives from the PSUs.