Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. See here for a complete list of exchanges and delays. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. This report is not for commercial use. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. All rights reserved. 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. Half of Frasers non-base-pay compensation derives from the PSUs. 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. Type a symbol or company name. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Far better than ending up as a troubled bank with a demotivated leader. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. - 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. I vividly remember March 6 last year. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Fraser was Citis president and head of the consumer business for the 2020 pay period. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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). JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Jennifer Surane. ; 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 . 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. If a company isnt doing well, its board and investors should want the best person to clean it up. Do Not Sell My Personal Information (CA Residents Only). Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. If you have an ad-blocker enabled you may be blocked from proceeding. If a company isnt doing well, its board and investors should want the best person to clean it up. CEO compensation has risen steadily since the late 1970s. Type a symbol or company name. . Coronavirus Tips Working and Protection. You may also find the annual proxy statement by going directly to the company's website. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. | 2 p.m. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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%. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. As data privacy regulations around the Bank of America boss Brian Moynihan is in line for $32 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. Copy and paste multiple symbols separated by spaces. 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. Please. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Besides, since the bulk of a CEOs pay package is drip-fed to them in shares over several years, and linked to financial targets, what Fraser eventually takes home depends on how she performs. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. - 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. Female employees at the bank made 26% less than male employees as of January 2021, Sara Wechter, Citi's head of human resources, wrote in a blog post. See here for a complete list of exchanges and delays. Vroom reports earnings. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Morgan Stanley shares were up around 25% over the same time. Want to share a company announcement with your peers? Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Feb. 28. Fraser's compensation includes a $1.3 . These symbols will be available throughout the site during your session. . Reuters->. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Ms Fraser's total pay in 2021 was $22.5 million. Ms Fraser's total pay in 2021 was $22.5 million. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. 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Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. 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. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. But on Wall Street, she is a poor cousin. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5 million for 2022, up 9 per cent from the prior year, reported Wall Street Journal. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. 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. 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. 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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Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. On the surface, Citis performance explains the difference. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Thats less sensible than it sounds. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. "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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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 income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. Jane Fraser net worth is estimated at around $25 million. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. She also received $16,800 in other forms of compensation. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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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 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. For non-personal use or to order multiple copies, please contact See here for a complete list of exchanges and delays. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. On the surface, Citis performance explains the difference. 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. Thats less sensible than it sounds. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Jane Fraser's picture. 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 That's down from 29% in the first year Citi reported the figures. CONTEXT NEWS. This information is according to proxy statements filed for the 2021 fiscal year. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. All quotes delayed a minimum of 15 minutes. 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. March 24, 2021. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. Will Others Follow? CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. That could fuel analysts questions at TDs earnings call Thursday. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. But on Wall Street, she is a poor cousin. Ms Fraser's total pay in 2021 was $22.5 million. 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. Her main source of income is from her primary work as a business executive and CEO. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Since Fraser took over the reins at Citi (. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Fraser's compensation includes a $1.3 million cash. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Ms Fraser's pay rise has made her the only big US bank boss to receive a bump amid a challenging year for the industry. . 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. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Opinions expressed are those of the author. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. 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 joined Citi in 2004 in the Corporate and Investment Banking division. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. All quotes delayed a minimum of 15 minutes. 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. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Please disable your ad-blocker and refresh. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. Will His AI Plans Be Any Different? The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. All proxy statements are public filings made available to the general public by the SEC. 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. 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. 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.
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