But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Get the free daily newsletter read by industry experts. 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. Bank of America boss Brian Moynihan is in line for $32 million. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 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. See here for a complete list of exchanges and delays. 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 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. Morgan Stanley shares were up around 25% over the same time. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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Thanks for contacting us. She joined Citi in 2004 in the Corporate and Investment Banking division. Fraser's compensation includes a $1.3 . Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. 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. 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. 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. 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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. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Mr. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Half of Frasers non-base-pay compensation derives from the PSUs. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Jane Fraser's picture. Continue reading your article witha WSJ subscription, Already a member? 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. That could fuel analysts questions at TDs earnings call Thursday. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. 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. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Is this happening to you frequently? Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Get started our Subscriber Agreement and by copyright law. Jane Fraser, Chief Executive Officer, Citi. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. - 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. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. Bank of America boss Brian Moynihan is in line for $32 million. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The information shown here is a reporting of information included in the company's proxy statement. 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. This information is according to proxy statements filed for the 2021 fiscal year. Opinions expressed are those of the author. 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. That was when it really hit me that . CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. 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. Mike Corbat, Citigroup's chief executive, was paid $24m last year. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Will His AI Plans Be Any Different? Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. read more. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Before becoming CEO, she was . Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Shes the first female CEO of a major US bank. We've received your submission. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Ms Fraser's total pay in 2021 was $22.5 million. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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 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. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, iPhone Maker Plans $700 Million India Plant in Shift From China, Stock Traders Are Ignoring Blaring Bond Alarms, S&P 500 Notches Best Week Since Late January: Markets Wrap. Citi picks Jane Fraser as next CEO first woman to lead the bank. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. As data privacy regulations around the Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Ms Fraser's total pay in 2021 was $22.5 million. 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's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Ms Fraser's total pay in 2021 was $22.5 million. For non-personal use or to order multiple copies, please contact 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%. On the surface, Citis performance explains the difference. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. On the surface, Citis performance explains the difference. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. 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. 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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. Vroom reports earnings. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. 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. Latest Update on the Future of Work at Citi. Incentives matter too. 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. 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. Distribution and use of this material are governed by She's the only CEO of a top-six U.S. bank to receive a raise last year. 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 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Thats up from 35% last year. This copy is for your personal, non-commercial use only. Fraser's rise is the result of a multiyear effort at Citi, the $74. | 2 p.m. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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 a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. - 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. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Coronavirus Tips Working and Protection. If you have an ad-blocker enabled you may be blocked from proceeding. 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The opinions expressed are his own.). 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). For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Type a symbol or company name. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. See here for a complete list of exchanges and delays. See here for a complete list of exchanges and delays. - 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 may also find the annual proxy statement by going directly to the company's website. Feb. 28. | 1 p.m. 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. 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 . Jennifer Surane. The information shown here is a reporting of information included in the company's 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Not the one that runs along gender lines though Fraser does get a third less than her male peers. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. - 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's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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 remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. 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. Fraserwas paid $17.1 million for 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. All proxy statements are public filings made available to the general public by the SEC. Subscribe to Banking Dive for top news, trends & analysis. Incentives matter too. Not the one that runs along gender lines though Fraser does get a third less than her male peers. As data privacy regulations around the Thats less sensible than it sounds. 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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. She has been CEO of four Citi units and presently heads up a fifth and the largest, the Global Consumer Bank and is President of the entire company. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. All quotes delayed a minimum of 15 minutes. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. You may also find the annual proxy statement by going directly to the company's website. Our Standards: The Thomson Reuters Trust Principles. Type a symbol or company name. 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. This report is not for commercial use. She also received $16,800 in other forms of compensation. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Please. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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.