Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Before becoming CEO, she was . 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Ms Fraser's total pay in 2021 was $22.5 million. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. 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Get started Feb. 28. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Her main source of income is from her primary work as a business executive and CEO. 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. Morgan Stanley shares were up around 25% over the same time. It was a Friday. If a company isnt doing well, its board and investors should want the best person to clean it up. Distribution and use of this material are governed by 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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. 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The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. The information shown here is a reporting of information included in the company's proxy statement. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Fraser was Citi's. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. . 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. 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. Musk Made a Mess at Twitter. . Thats less sensible than it sounds. - 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. Far better than ending up as a troubled bank with a demotivated leader. Copy and paste multiple symbols separated by spaces. As data privacy regulations around the She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. (Editing by Lauren Silva Laughlin and Sharon Lam). To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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). 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Reuters->. . 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Thanks for contacting us. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Citi veteran Jane Fraser has been named Michael Corbat's successor. I vividly remember March 6 last year. Vroom reports earnings. See here for a complete list of exchanges and delays. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. | 1 p.m. 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. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Much of the attention surrounding Frasers pay may stem from her gender. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Create your Watchlist to save your favorite quotes on Nasdaq.com. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Fraserwas paid $17.1 million for 2020. "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. 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. 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. 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. Type a symbol or company name. 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. Half of Frasers non-base-pay compensation derives from the PSUs. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. See here for a complete list of exchanges and delays. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. CEO compensation has risen steadily since the late 1970s. Our Standards: The Thomson Reuters Trust Principles. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. ET, Presented by studioID and Dun and Bradstreet, Webinar California Weighs $360,000 in Reparations to Eligible Black Residents. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. The industry leader for online information for tax, accounting and finance professionals. 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. - 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 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%. Will Others Follow? She joined Citi in 2004 in the Corporate and Investment Banking division. Incentives matter too. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. The information shown here is a reporting of information included in the company's proxy statement. This copy is for your personal, non-commercial use only. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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 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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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These symbols will be available throughout the site during your session. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. This report is not for commercial use. Fraser's rise is the result of a multiyear effort at Citi, the $74. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Fraser's compensation includes a $1.3 million cash. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Shes the first female CEO of a major US bank. 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. 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. (The author is a Reuters Breakingviews columnist. Jane Fraser net worth is estimated at around $25 million. 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 2022 pay package included a $1.5 million salary, a $3.45 million cash bonus and $19.6 million in stock awards, per Bloomberg. All rights reserved. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. For non-personal use or to order multiple copies, please contact - 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. - 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Want to share a company announcement with your peers? 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. - 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. That's down from 29% in the first year Citi reported the figures. But on Wall Street, she is a poor cousin. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Subscribe to Banking Dive for top news, trends & analysis. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Please. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. The industry leader for online information for tax, accounting and finance professionals. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. You may also find the annual proxy statement by going directly to the company's website. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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. 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. 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Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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. ; 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 . 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. March 24, 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. Our Standards: The Thomson Reuters Trust Principles. 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. 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 . Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. , 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 Bank of America boss Brian Moynihan is in line for $32 million. Jane Fraser's picture. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. CONTEXT NEWS. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. See here for a complete list of exchanges and delays. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. See here for a complete list of exchanges and delays. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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). That was when it really hit me that . 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 bank's structure and getting its profitability on par with rivals. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Bank of America boss Brian Moynihan is in line for $32 million.