The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Continue reading your article witha WSJ subscription, Already a member? The industry leader for online information for tax, accounting and finance professionals. Get the free daily newsletter read by industry experts. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Since Fraser took over the reins at Citi (. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Ms Fraser's total pay in 2021 was $22.5 million. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. - 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Thorough reviews have been conducted to assure this data accurately reflects disclosures. See here for a complete list of exchanges and delays. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Mr. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Latest Update on the Future of Work at Citi. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Half of Frasers non-base-pay compensation derives from the PSUs. Fraser's rise is the result of a multiyear effort at Citi, the $74. The "global . Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Jane Fraser, Chief Executive Officer, Citi. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. 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 . Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. This copy is for your personal, non-commercial use only. 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. Incentives matter too. 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. . 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. 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. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 Leadership Team - Jane Fraser | Citi ET, Presented by studioID and Dun and Bradstreet, Webinar Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Get started - 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. Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com John Foley for Citi veteran Jane Fraser has been named Michael Corbat's successor. It was a Friday. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. On the surface, Citis performance explains the difference. Citigroup's Jane Fraser to receive $12.5m pay grant That was when it really hit me that . Far better than ending up as a troubled bank with a demotivated leader. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. 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). 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. As data privacy regulations around the Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . The information shown here is a reporting of information included in the company's proxy statement. - 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Fraserwas paid $17.1 million for 2020. 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. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Morgan Stanley shares were up around 25% over the same time. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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 Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. See here for a complete list of exchanges and delays. Jane Fraser (executive) - Wikipedia 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. 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. Please. Want to share a company announcement with your peers? 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. 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. 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. Morgan Stanley shares were up around 25% over the same time. 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. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. She joined Citi in 2004 in the Corporate and Investment Banking division. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. All rights reserved. Thats less sensible than it sounds. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters If you have an ad-blocker enabled you may be blocked from proceeding. 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. Jane Fraser - CEO - Citi | LinkedIn 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. These symbols will be available throughout the site during your session. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. She is the. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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). 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. 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). Our Standards: The Thomson Reuters Trust Principles. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. articles a month for anyone to read, even non-subscribers! JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Reuters->. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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. Thats up from 35% last year. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Fraser's compensation includes a $1.3 million cash. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Distribution and use of this material are governed by They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. our Subscriber Agreement and by copyright law. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. The industry leader for online information for tax, accounting and finance professionals. California Weighs $360,000 in Reparations to Eligible Black Residents. Citi's incoming CEO Jane Fraser forms new operating team to build Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% Citigroup raises Fraser's pay by 32% after appointing her as CEO Type a symbol or company name. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. This report is not for commercial use. 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Much of the attention surrounding Frasers pay may stem from her gender. - 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. This information is according to proxy statements filed for the 2021 fiscal year. Before becoming CEO, she was . Citi picks Jane Fraser as next CEO first woman to lead the bank David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. - 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com 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. 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. 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. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. 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. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. 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. Shes the first female CEO of a major US bank. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. Thanks for contacting us. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a Do Not Sell My Personal Information (CA Residents Only). 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Copy and paste multiple symbols separated by spaces. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Coronavirus Tips Working and Protection. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. She also received $16,800 in other forms of compensation. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million Bank of America boss Brian Moynihan is in line for $32 million. That could fuel analysts questions at TDs earnings call Thursday. - 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. See here for a complete list of exchanges and delays. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. The Citi Blog - Latest Update on the Future of Work at Citi Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. We've received your submission. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Our Standards: The Thomson Reuters Trust Principles. 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.
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