Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. On the surface, Citis performance explains the difference. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Jennifer Surane. 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If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Type a symbol or company name. , 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 Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Written by Fraser's rise is the result of a multiyear effort at Citi, the $74. All quotes delayed a minimum of 15 minutes. 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. All proxy statements are public filings made available to the general public by the SEC. 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). Fraser was Citi's. 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. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Copy and paste multiple symbols separated by spaces. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. . Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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 JaneFraser will take home total compensation of $22.5 million for 2021 a nearly 32% increase from the previous year, the bank said Monday. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. 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. 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While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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Let Banking Dive's free newsletter keep you informed, straight from your inbox. That's down from 29% in the first year Citi reported the figures. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. But on Wall Street, she is a poor cousin. Jane Fraser's picture. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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). Coronavirus Tips Working and Protection. You may also find the annual proxy statement by going directly to the company's website. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. - 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. You may also find the annual proxy statement by going directly to the company's website. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Her main source of income is from her primary work as a business executive and CEO. Vroom reports earnings. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. As data privacy regulations around the 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. - 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. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Musk Made a Mess at Twitter. These symbols will be available throughout the site during your session. Since Fraser took over the reins at Citi (. 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. 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. 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. See here for a complete list of exchanges and delays. See here for a complete list of exchanges and delays. Get started Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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. 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. 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 Type a symbol or company name. 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. ; 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 . If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. This copy is for your personal, non-commercial use only. 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. 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. 28. Distribution and use of this material are governed by Morgan Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last year. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Jane Fraser net worth is estimated at around $25 million. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. Before becoming CEO, she was . 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. That was when it really hit me that . We've received your submission. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Opinions expressed are those of the author. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Thats less sensible than it sounds. 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. 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. Bank of America boss Brian Moynihan is in line for $32 million. Reuters->. 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. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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. 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. The industry leader for online information for tax, accounting and finance professionals. 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. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. . Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. 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. She is the. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Far better than ending up as a troubled bank with a demotivated leader. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. - 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 total pay in 2021 was $22.5 million. See here for a complete list of exchanges and delays. It was a Friday. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. On the surface, Citis performance explains the difference. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Latest Update on the Future of Work at Citi. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Morgan Stanley shares were up around 25% over the same time. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Half of Frasers non-base-pay compensation derives from the PSUs. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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 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. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Incentives matter too. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. As data privacy regulations around the Please. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. (Editing by Lauren Silva Laughlin and Sharon Lam). Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. The information shown here is a reporting of information included in the company's proxy statement. 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 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. This information is according to proxy statements filed for the 2021 fiscal year. The "global . Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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. 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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Thanks for contacting us. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Far better than ending up as a troubled bank with a demotivated leader. - 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. 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