Much of the attention surrounding Frasers pay may stem from her gender. Citi picks Jane Fraser as next CEO first woman to lead the bank. Incentives matter too. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Coronavirus Tips Working and Protection. Let Banking Dive's free newsletter keep you informed, straight from your inbox. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Do Not Sell My Personal Information (CA Residents Only). 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Want to share a company announcement with your peers? But on Wall Street, she is a poor cousin. This report is not for commercial use. That's down from 29% in the first year Citi reported the figures. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Thats up from 35% last year. - 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. | 1 p.m. See here for a complete list of exchanges and delays. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The opinions expressed are his own.). 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. 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 . 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. CONTEXT NEWS. . It was a Friday. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Opinions expressed are those of the author. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. All quotes delayed a minimum of 15 minutes. Thats less sensible than it sounds. Jane Fraser's picture. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. 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. 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. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Get the free daily newsletter read by industry experts. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. 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. | 2 p.m. 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. read more. Distribution and use of this material are governed by Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Written by California Weighs $360,000 in Reparations to Eligible Black Residents. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Jane Fraser, Chief Executive Officer, 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. "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. 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. The industry leader for online information for tax, accounting and finance professionals. 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. Reuters->. 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. 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. 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). She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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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's total pay in 2021 was $22.5 million. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. our Subscriber Agreement and by copyright law. This copy is for your personal, non-commercial use only. 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. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. ; 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 . However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. - 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. 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. 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The information shown here is a reporting of information included in the company's proxy statement. 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. 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CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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 report is not for commercial use. Thats less sensible than it sounds. Type a symbol or company name. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. 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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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Fraser was Citis president and head of the consumer business for the 2020 pay period. As data privacy regulations around the 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. 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. See here for a complete list of exchanges and delays. 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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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. See here for a complete list of exchanges and delays. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Is this happening to you frequently? See here for a complete list of exchanges and delays. Fraser's compensation includes a $1.3 million cash. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Far better than ending up as a troubled bank with a demotivated leader. Please. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. - 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Mr. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. She's the only CEO of a top-six U.S. bank to receive a raise last year. Jennifer Surane. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Bank of America boss Brian Moynihan is in line for $32 million. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Jane Fraser net worth is estimated at around $25 million. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. That was when it really hit me that . 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. 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. 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. You may also find the annual proxy statement by going directly to the company's website. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. (The author is a Reuters Breakingviews columnist. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. On the surface, Citis performance explains the difference. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. (Editing by Lauren Silva Laughlin and Sharon Lam). Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Will Others Follow? These symbols will be available throughout the site during your session. Her main source of income is from her primary work as a business executive and CEO. 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. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. 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 "global . Fraser was Citi's. 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. That could fuel analysts questions at TDs earnings call Thursday. Latest Update on the Future of Work at Citi. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050.
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