Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. It was a Friday. Ms. Fraser, who .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}became chief executive on March 1, 2021, was given a salary of $1.33 million and a cash bonus of $6.35 million. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a Thats less sensible than it sounds. 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. CITIGROUP INC Executive Salaries & Other Compensation - Salary.com As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. She joined Citi in 2004 in the Corporate and Investment Banking division. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. As data privacy regulations around the In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Fraser was Citi's. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. See here for a complete list of exchanges and delays. On the surface, Citis performance explains the difference. As data privacy regulations around the Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Bank of America boss Brian Moynihan is in line for $32 million. Thats up from 35% last year. Fraserwas paid $17.1 million for 2020. She took over as the first female chief executive of a major Wall Street bank in February 2021. If you have an ad-blocker enabled you may be blocked from proceeding. Get started Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Bank of America boss Brian Moynihan is in line for $32 million. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Before joining Citi, Jane was a Partner at McKinsey & Company. Copy and paste multiple symbols separated by spaces. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. That was when it really hit me that . 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. NEW YORK (Reuters Breakingviews) - Jane Frasers $22.5 million package https://www.sec.gov/ix?doc=/Archives/edgar/data/0000831001/000110465922022820/c-20220210x8k.htm for running Citigroup embodies a Wall Street pay gap. 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. Jane Fraser, Chief Executive Officer, Citi. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. To narrow the gap in the raw data, the bank has embarked on an effort to level up to at least 40% the proportion of women in its assistant vice president through managing director roles. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. 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. ; 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 . As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. (Editing by Lauren Silva Laughlin and Sharon Lam). JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Will Others Follow? Fraser's compensation includes a $1.3 million cash. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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Latest Update on the Future of Work at Citi. See here for a complete list of exchanges and delays. 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The Citi Blog - Latest Update on the Future of Work at Citi read more. Thats less sensible than it sounds. 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. 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 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 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. California Weighs $360,000 in Reparations to Eligible Black Residents. (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). The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Written by David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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 Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. All proxy statements are public filings made available to the general public by the SEC. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. She is the. 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. The industry leader for online information for tax, accounting and finance professionals. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. 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. 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. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Half of Frasers non-base-pay compensation derives from the PSUs. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. 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. That could fuel analysts questions at TDs earnings call Thursday. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Is this happening to you frequently? All rights reserved. - 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. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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 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. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Jane Fraser | Chief Executive Officer, Citi - Citigroup Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Citi pays Fraser $22.5M in her first year as CEO | Banking Dive Get the free daily newsletter read by industry experts. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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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. We've received your submission. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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 . This copy is for your personal, non-commercial use only. On the surface, Citis performance explains the difference. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Morgan Stanley shares were up around 25% over the same time. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. our Subscriber Agreement and by copyright law. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. Type a symbol or company name. This report is not for commercial use. 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Do Not Sell My Personal Information (CA Residents Only). 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). John Foley for For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. articles a month for anyone to read, even non-subscribers! Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Jane Fraser - CEO - Citi | LinkedIn Citigroup raises Fraser's pay by 32% after appointing her as CEO 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. 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. . For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. . Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Meet Citi's Next CEO & Learn How She Climbed to the Top You may also find the annual proxy statement by going directly to the company's website. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her Incentives matter too. | 2 p.m. 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. Jane Fraser net worth is estimated at around $25 million. That's down from 29% in the first year Citi reported the figures. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com 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. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million You may also find the annual proxy statement by going directly to the company's website. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The information shown here is a reporting of information included in the company's proxy statement. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. She also received $16,800 in other forms of compensation. 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. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Will His AI Plans Be Any Different? Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Our Standards: The Thomson Reuters Trust Principles. Before becoming CEO, she was . 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. awarded Chief Executive Officer Jane Fraser $24.5 million in pay for 2022, making her the only major US bank CEO to receive a bump in compensation for the year. Citigroup 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. 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. Mr. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on March 24, 2021. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Musk Made a Mess at Twitter. Not the one that runs along gender lines though Fraser does get a third less than her male peers.