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. 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). When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. Thanks for contacting us. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. We've received your submission. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Bank of America boss Brian Moynihan is in line for $32 million. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Our Standards: The Thomson Reuters Trust Principles. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. 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. Since Fraser took over the reins at Citi (. 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. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. 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. See here for a complete list of exchanges and delays. Incentives matter too. 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. You may also find the annual proxy statement by going directly to the company's website. 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 industry leader for online information for tax, accounting and finance professionals. 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. But on Wall Street, she is a poor cousin. As data privacy regulations around the 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Not the one that runs along gender lines though Fraser does get a third less than her male peers. - 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. Mr. Rapper, chef and author Action Bronson takes us on a journey from his early days at culinary school, to releasing critically acclaimed albums, to writing books, starring in TV shows and building an iconic brand around his favorite interests. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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. 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. 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. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Written by 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Will His AI Plans Be Any Different? The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. Before becoming CEO, she was . American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. All quotes delayed a minimum of 15 minutes. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. All proxy statements are public filings made available to the general public by the SEC. . Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Do Not Sell My Personal Information (CA Residents Only). Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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. She joined Citi in 2004 in the Corporate and Investment Banking division. Mike Corbat, Citigroup's chief executive, was paid $24m last year. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The industry leader for online information for tax, accounting and finance professionals. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. - 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. That's down from 29% in the first year Citi reported the figures. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. I vividly remember March 6 last year. Ms Fraser's total pay in 2021 was $22.5 million. As data privacy regulations around the Please disable your ad-blocker and refresh. California Weighs $360,000 in Reparations to Eligible Black Residents. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. All rights reserved. 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. Far better than ending up as a troubled bank with a demotivated leader. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. These symbols will be available throughout the site during your session. Thats less sensible than it sounds. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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). However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Incentives matter too. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Get started CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Opinions expressed are those of the author. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. John Foley for our Subscriber Agreement and by copyright law. 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. On the surface, Citis performance explains the difference. 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. - 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. If you have an ad-blocker enabled you may be blocked from proceeding. , 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 . . 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. 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. 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%. Shes the first female CEO of a major US bank. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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. Please. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. 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. 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? Vroom reports earnings. Want to share a company announcement with your peers? Subscribe to Banking Dive for top news, trends & analysis. See here for a complete list of exchanges and delays. Fraser's rise is the result of a multiyear effort at Citi, the $74. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. The "global . This report is not for commercial use. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. Musk Made a Mess at Twitter. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Citi picks Jane Fraser as next CEO first woman to lead the bank. articles a month for anyone to read, even non-subscribers! 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. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Ms. Fraser, who .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}became chief executive on March 1, 2021, was given a salary of $1.33 million and a cash bonus of $6.35 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. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Coronavirus Tips Working and Protection. 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 Citi's. Copy and paste multiple symbols separated by spaces. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Ms Fraser's total pay in 2021 was $22.5 million. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Jennifer Surane. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. - 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Distribution and use of this material are governed by Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. read more. Our Standards: The Thomson Reuters Trust Principles. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Much of the attention surrounding Frasers pay may stem from her gender. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. This copy is for your personal, non-commercial use only. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. See here for a complete list of exchanges and delays. Fraser's compensation includes a $1.3 . Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Will Others Follow? Get the free daily newsletter read by industry experts. 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. 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. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. - 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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. ; 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 . On the surface, Citis performance explains the difference. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Thorough reviews have been conducted to assure this data accurately reflects disclosures. March 24, 2021. That was when it really hit me that . JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. All quotes delayed a minimum of 15 minutes. 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. Jane Fraser's picture. 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 . 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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