Fraser's rise is the result of a multiyear effort at Citi, the $74. Citi CEO Jane Fraser shares her perspective on banking's shifting leadership landscape and the opportunity for diverse styles on CNBC Closing Bell: "I hope to When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. - 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. That was when it really hit me that . This report is not for commercial use. 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Subscribe to Banking Dive for top news, trends & analysis. 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This information is according to proxy statements filed for the 2021 fiscal year. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. Ms Fraser's total pay in 2021 was $22.5 million. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. - 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. The industry leader for online information for tax, accounting and finance professionals. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. 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. 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. Musk Made a Mess at Twitter. 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For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. 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. You may also find the annual proxy statement by going directly to the company's website. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. - 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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. . 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 author is a Reuters Breakingviews columnist. 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). Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. | 2 p.m. 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. "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. read more. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. You may also find the annual proxy statement by going directly to the company's website. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Get the free daily newsletter read by industry experts. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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. Latest Update on the Future of Work at Citi. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Bank of America boss Brian Moynihan is in line for $32 million. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. It was a Friday. Feb. 28. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. 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. Please. Mr. Vroom reports earnings. 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. Do Not Sell My Personal Information (CA Residents Only). 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. Please disable your ad-blocker and refresh. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. John Foley for The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. March 24, 2021. Copy and paste multiple symbols separated by spaces. 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. Bank of America boss Brian Moynihan is in line for $32 million. 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. Thats less sensible than it sounds. 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. For non-personal use or to order multiple copies, please contact Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Morgan Stanley shares were up around 25% over the same time. Will His AI Plans Be Any Different? That could fuel analysts questions at TDs earnings call Thursday. 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. 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). Thats up from 35% last year. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Jennifer Surane. 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. | 1 p.m. - 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Ms Fraser's total pay in 2021 was $22.5 million. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. She also received $16,800 in other forms of compensation. 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. See here for a complete list of exchanges and delays. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. 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. - 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. Morgan Stanley shares were up around 25% over the same time. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. See here for a complete list of exchanges and delays. Distribution and use of this material are governed by Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Fraser's compensation includes a $1.3 million cash. 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. As data privacy regulations around the Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. - 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. This copy is for your personal, non-commercial use only. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. Mike Corbat, Citigroup's chief executive, was paid $24m last year. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. 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. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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. Opinions expressed are those of the author. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. (Editing by Lauren Silva Laughlin and Sharon Lam). The information shown here is a reporting of information included in the company's proxy statement. Thats less sensible than it sounds. Create your Watchlist to save your favorite quotes on Nasdaq.com. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Our Standards: The Thomson Reuters Trust Principles. On the surface, Citis performance explains the difference. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap.