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Jane Fraser's picture. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Fraser's compensation includes a $1.3 million cash. That's down from 29% in the first year Citi reported the figures. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. All quotes delayed a minimum of 15 minutes. Get the free daily newsletter read by industry experts. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Fraser was Citis president and head of the consumer business for the 2020 pay period. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. You may also find the annual proxy statement by going directly to the company's website. 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. 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Shes the first female CEO of a major US bank. 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. (The author is a Reuters Breakingviews columnist. 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. 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. , 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 She is the. Our Standards: The Thomson Reuters Trust Principles. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. 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. Musk Made a Mess at Twitter. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Jane Fraser, Chief Executive Officer, Citi. If a company isnt doing well, its board and investors should want the best person to clean it up. Morgan Stanley shares were up around 25% over the same time. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Fraser's compensation includes a $1.3 . ; 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 . The opinions expressed are his own.). The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Reuters->. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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. 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. 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. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. 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She joined Citi in 2004 in the Corporate and Investment Banking division. Distribution and use of this material are governed by Since Fraser took over the reins at Citi (. March 24, 2021. John Foley for 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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 . During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. 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. Latest Update on the Future of Work at Citi. All quotes delayed a minimum of 15 minutes. 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. 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. 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. Copy and paste multiple symbols separated by spaces. - 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. - 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. read more. Citi picks Jane Fraser as next CEO first woman to lead the bank. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. 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. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. CEO compensation has risen steadily since the late 1970s. Jane Fraser net worth is estimated at around $25 million. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. Bank of America boss Brian Moynihan is in line for $32 million. Ms Fraser's total pay in 2021 was $22.5 million. Subscribe to Banking Dive for top news, trends & analysis. Far better than ending up as a troubled bank with a demotivated leader. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. Incentives matter too. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Written by The industry leader for online information for tax, accounting and finance professionals. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Not the one that runs along gender lines though Fraser does get a third less than her male peers. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. All rights reserved. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Before becoming CEO, she was . 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. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Vroom reports earnings. 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. Ms Fraser's total pay in 2021 was $22.5 million. 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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. These symbols will be available throughout the site during your session. - 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. our Subscriber Agreement and by copyright law. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. "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. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. You may also find the annual proxy statement by going directly to the company's website. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. | 1 p.m. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. . Will His AI Plans Be Any Different? On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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. Is this happening to you frequently? Continue reading your article witha WSJ subscription, Already a member? The industry leader for online information for tax, accounting and finance professionals. Fraserwas paid $17.1 million for 2020. 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Ms Fraser's total pay in 2021 was $22.5 million. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Incentives matter too. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. We've received your submission. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. California Weighs $360,000 in Reparations to Eligible Black Residents. This report is not for commercial use. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. This information is according to proxy statements filed for the 2021 fiscal year. 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. But on Wall Street, she is a poor cousin. 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. 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. It was a Friday. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Before joining Citi, Jane was a Partner at McKinsey & Company. . But on Wall Street, she is a poor cousin. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Jennifer Surane. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Thats up from 35% last year. 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. The information shown here is a reporting of information included in the company's proxy statement. Type a symbol or company name. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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). - 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. 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%. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. All proxy statements are public filings made available to the general public by the SEC. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. As data privacy regulations around the CONTEXT NEWS. See here for a complete list of exchanges and delays. 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