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Please disable your ad-blocker and refresh. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Citigroup Inc. awarded Chief Executive Officer Jane Fraser $24.5 million in pay for 2022, making her the only major US bank CEO to receive a bump in compensation for the year. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. 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 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. Before joining Citi, Jane was a Partner at McKinsey & Company. Thats less sensible than it sounds. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. March 24, 2021. Leadership Team - Jane Fraser | Citi CITIGROUP INC Executive Salaries & Other Compensation - Salary.com In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Before becoming CEO, she was . See here for a complete list of exchanges and delays. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Jennifer Surane. In Fraser's first year as CEO, the bank also submitted plans to the OCC and the Federal Reserve to address how to resolve its 2020 consent orders. Please. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. As data privacy regulations around the Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. See here for a complete list of exchanges and delays. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Incentives matter too. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Citi's incoming CEO Jane Fraser forms new operating team to build Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post 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. 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. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. 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. JPMorgans (JPM.N) Jamie Dimon read more and Bank of Americas (BAC.N) Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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. "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. Fraser was Citi's. 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 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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, Chief Executive Officer, Citi. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Mr. But on Wall Street, she is a poor cousin. See here for a complete list of exchanges and delays. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Feb. 28. 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. Ms Fraser's total pay in 2021 was $22.5 million. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. - 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 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. 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. 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. articles a month for anyone to read, even non-subscribers! Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. That could fuel analysts questions at TDs earnings call Thursday. Our Standards: The Thomson Reuters Trust Principles. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 Jane Fraser net worth is estimated at around $25 million. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Since Fraser took over the reins at Citi (. She is the. , 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 However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Ms Fraser's total pay in 2021 was $22.5 million. The industry leader for online information for tax, accounting and finance professionals. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Her main source of income is from her primary work as a business executive and CEO. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. You may also find the annual proxy statement by going directly to the company's website. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Get started Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% She's the only CEO of a top-six U.S. bank to receive a raise last year. This report is not for commercial use. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com 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. Our Standards: The Thomson Reuters Trust Principles. All proxy statements are public filings made available to the general public by the SEC. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). Will His AI Plans Be Any Different? Jane Fraser | Chief Executive Officer, Citi - Citigroup Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. You may also find the annual proxy statement by going directly to the company's website. 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The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Coronavirus Tips Working and Protection. CEO compensation has risen steadily since the late 1970s. 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 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This copy is for your personal, non-commercial use only. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. (Editing by Lauren Silva Laughlin and Sharon Lam). In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. See here for a complete list of exchanges and delays. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Thanks for contacting us. Type a symbol or company name. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Citi picks Jane Fraser as next CEO first woman to lead the bank. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Type a symbol or company name. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Incentives matter too. All quotes delayed a minimum of 15 minutes. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. 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. Bank of America boss Brian Moynihan is in line for $32 million. 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. The "global . Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. ; 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 . . (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. ET, Presented by studioID and Dun and Bradstreet, Webinar Thats less sensible than it sounds. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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Fraserformally took the helm at Citi last February after being named as Mike Corbats successor in 2020. The Citi Blog - Latest Update on the Future of Work at Citi 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. Fraser's rise is the result of a multiyear effort at Citi, the $74. All proxy statements are public filings made available to the general public by 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Fraser's compensation includes a $1.3 million cash. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.