Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. CEO compensation has risen steadily since the late 1970s. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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. You may also find the annual proxy statement by going directly to the company's website. - 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Jane Fraser, Chief Executive Officer, Citi. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. For non-personal use or to order multiple copies, please contact 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. Please. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. 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%. If a company isnt doing well, its board and investors should want the best person to clean it up. 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). For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Thanks for contacting us. Continue reading your article witha WSJ subscription, Already a member? Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Our Standards: The Thomson Reuters Trust Principles. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Get started Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. She took over as the first female chief executive of a major Wall Street bank in February 2021. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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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. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Bank of America boss Brian Moynihan is in line for $32 million. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. She joined Citi in 2004 in the Corporate and Investment Banking division. 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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). JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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 officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. Written by Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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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. Jennifer Surane. Distribution and use of this material are governed by (The author is a Reuters Breakingviews columnist. Vroom reports earnings. All quotes delayed a minimum of 15 minutes. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. But on Wall Street, she is a poor cousin. - 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. March 24, 2021. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. That was when it really hit me that . read more. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. 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. 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. Thats less sensible than it sounds. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. She also received $16,800 in other forms of compensation. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Do Not Sell My Personal Information (CA Residents Only). Mike Corbat, Citigroup's chief executive, was paid $24m last year. Citi had slashed Corbat's pay by 21% to $19 million for his final year in the job as the pandemic hit the bank's profits and shortcomings emerged in its risk controls. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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 predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. 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. Shes the first female CEO of a major US bank. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The information shown here is a reporting of information included in the company's proxy statement. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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->. - 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. 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. our Subscriber Agreement and by copyright law. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Her main source of income is from her primary work as a business executive and CEO. Opinions expressed are those of the author. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Ms Fraser's total pay in 2021 was $22.5 million. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. (Editing by Lauren Silva Laughlin and Sharon Lam). See here for a complete list of exchanges and delays. It was a Friday. Bank of America boss Brian Moynihan is in line for $32 million. Let Banking Dive's free newsletter keep you informed, straight from your inbox. The opinions expressed are his own.). The industry leader for online information for tax, accounting and finance professionals. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. But on Wall Street, she is a poor cousin. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. ET, Presented by studioID and Dun and Bradstreet, Webinar Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. - 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. 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. 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. 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. These symbols will be available throughout the site during your session. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. Latest Update on the Future of Work at Citi. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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. All proxy statements are public filings made available to the general public by the SEC. 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 . 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 "global . 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. 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. Half of Frasers non-base-pay compensation derives from the PSUs. , 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 All rights reserved. . She is the. Incentives matter too. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Fraser was Citi's. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. | 1 p.m. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. On the surface, Citis performance explains the difference. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. 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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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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. This report is not for commercial use. Want to share a company announcement with your peers? 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. If you have an ad-blocker enabled you may be blocked from proceeding. Create your Watchlist to save your favorite quotes on Nasdaq.com. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. John Foley for Morgan Stanley shares were up around 25% over the same time. If a company isnt doing well, its board and investors should want the best person to clean it up. | 2 p.m. Fraserwas paid $17.1 million for 2020. 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. You may also find the annual proxy statement by going directly to the company's website. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. ; 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 . 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Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Ms Fraser's total pay in 2021 was $22.5 million. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. 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. Feb. 28. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Musk Made a Mess at Twitter. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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). But Frasers firm is less efficient, slower-growing and earns a lower return on equity. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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.
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