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. Feb. 28. March 24, 2021. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Ms Fraser's total pay in 2021 was $22.5 million. Morgan Stanley shares were up around 25% over the same time. Reuters->. . This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Jane Fraser, Chief Executive Officer, Citi. She took over as the first female chief executive of a major Wall Street bank in February 2021. This copy is for your personal, non-commercial use only. 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. Continue reading your article witha WSJ subscription, Already a member? The information shown here is a reporting of information included in the company's proxy statement. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Fraser's compensation includes a $1.3 million cash. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. articles a month for anyone to read, even non-subscribers! CEO compensation has risen steadily since the late 1970s. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Jane Fraser - CEO - Citi | LinkedIn 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. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Citi had slashed Corbat's pay by 21% to $19 million for his final year in the job as the pandemic hit the bank's profits and shortcomings emerged in its risk controls. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. If you have an ad-blocker enabled you may be blocked from proceeding. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. But on Wall Street, she is a poor cousin. She is the. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes (The author is a Reuters Breakingviews columnist. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. "Notwithstanding challenging macroeconomic and geopolitical developments, under Ms Fraser's leadership Citi made solid progress on each of our priorities, and the compensation committee recognises the strategic direction that took shape during 2022," Citi said in its filing. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. | 2 p.m. read more. 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Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Half of Frasers non-base-pay compensation derives from the PSUs. John Foley for Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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%. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO Mike Corbat, Citigroup's chief executive, was paid $24m last year. Citi's incoming CEO Jane Fraser forms new operating team to build - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her This information is according to proxy statements filed for the 2021 fiscal year. Much of the attention surrounding Frasers pay may stem from her gender. On the surface, Citis performance explains the difference. Jennifer Surane. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. She also received $16,800 in other forms of compensation. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5 million for 2022, up 9 per cent from the prior year, reported Wall Street Journal. 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. Mr. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Get started She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Coronavirus Tips Working and Protection. 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. Please. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Fraserwas paid $17.1 million for 2020. Create your Watchlist to save your favorite quotes on Nasdaq.com. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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 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. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. That could fuel analysts questions at TDs earnings call Thursday. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The Citi Blog - Latest Update on the Future of Work at Citi Fraser was Citi's. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. Incentives matter too. 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. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on Get the free daily newsletter read by industry experts. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. See here for a complete list of exchanges and delays. The opinions expressed are his own.). Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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). 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. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. . Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com Copy and paste multiple symbols separated by spaces. All quotes delayed a minimum of 15 minutes. 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. Since Fraser took over the reins at Citi (. 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. 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. 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. 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. 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Please disable your ad-blocker and refresh. See here for a complete list of exchanges and delays. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. ET, Presented by studioID and Dun and Bradstreet, Webinar However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Leadership Team - Jane Fraser | Citi Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Jane Fraser Net Worth (2022) | wallmine 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. Subscribe to Banking Dive for top news, trends & analysis. Is this happening to you frequently? Citi pays Fraser $22.5M in her first year as CEO | Banking Dive Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters 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. 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. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Manish Sisodia's Custody Extended, CBI Told Not To Repeat Questions, In Karnataka, Arvind Kejriwal Twist To BJP's "Double-Engine Government", Flu Cases With Severe Symptoms Rise, Centre Issues Advisory: 10 Facts, "Grateful Adani Group Has Shown Faith In Australia": Ex PM Tony Abbott, "I Gave Up": Shark Tank Judge Namita Thapar Reveals Her Struggles With IVF, Here's How To Avoid Covid-Like Flu Sweeping Across India, "World's 1st" Bamboo Crash Barrier Installed In Maharashtra: Nitin Gadkari, Influencer Andrew Tate, Facing Human Trafficking Charges, Has Lung Cancer, Rajya Sabha MP Kapil Sibal Announces Platform To Fight Injustice. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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? (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. It was a Friday. Thats up from 35% last year. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Want to share a company announcement with your peers? But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Ms Fraser's total pay in 2021 was $22.5 million. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Far better than ending up as a troubled bank with a demotivated leader. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Fraser's compensation includes a $1.3 . 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. We've received your submission. Jane Fraser | Chief Executive Officer, Citi - Citigroup 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. 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. 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 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. These symbols will be available throughout the site during your session. . Distribution and use of this material are governed by In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Citi picks Jane Fraser as next CEO first woman to lead the bank Let Banking Dive's free newsletter keep you informed, straight from your inbox. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Before joining Citi, Jane was a Partner at McKinsey & Company. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Fraser's rise is the result of a multiyear effort at Citi, the $74. - 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. Chuck Klusman on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. 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. 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. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive
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