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. | 2 p.m. 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. The information shown here is a reporting of information included in the company's proxy statement. 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 opinions expressed are his own.). read more. It was a Friday. 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. 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 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. See here for a complete list of exchanges and delays. Mr. Bank of America boss Brian Moynihan is in line for $32 million. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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 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 . 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. For non-personal use or to order multiple copies, please contact But on Wall Street, she is a poor cousin. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. , 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 The information shown here is a reporting of information included in the company's proxy statement. You may also find the annual proxy statement by going directly to the company's website. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. This information is according to proxy statements filed for the 2021 fiscal year. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. 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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. I vividly remember March 6 last year. See here for a complete list of exchanges and delays. 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? Thats less sensible than it sounds. Frasers compensation includes a $1.3 million cash salary, plus $6.4 million as a cash bonus and $14.8 million in shares payable over several years, with some of those linked to financial targets. Fraser's compensation package for 2023 includes a base salary of $1.5 million, a cash incentive of $3.45 million, and deferred incentives of $8.05 million in deferred stock and $11.5 million in performance share units. 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. Half of Frasers non-base-pay compensation derives from the PSUs. John Foley for For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. That was when it really hit me that . 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. All proxy statements are public filings made available to the general public by the SEC. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Manish Sisodia's Custody Extended, CBI Told Not To Repeat Questions, In Karnataka, Arvind Kejriwal Twist To BJP's "Double-Engine Government", Flu Cases With Severe Symptoms Rise, Centre Issues Advisory: 10 Facts, "Grateful Adani Group Has Shown Faith In Australia": Ex PM Tony Abbott, "I Gave Up": Shark Tank Judge Namita Thapar Reveals Her Struggles With IVF, Here's How To Avoid Covid-Like Flu Sweeping Across India, "World's 1st" Bamboo Crash Barrier Installed In Maharashtra: Nitin Gadkari, Influencer Andrew Tate, Facing Human Trafficking Charges, Has Lung Cancer, Rajya Sabha MP Kapil Sibal Announces Platform To Fight Injustice. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Jane Fraser net worth is estimated at around $25 million. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Morgan Stanley shares were up around 25% over the same time. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. March 24, 2021. As data privacy regulations around the Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. 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. See here for a complete list of exchanges and delays. On the surface, Citis performance explains the difference. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. CONTEXT NEWS. 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. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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). Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. - 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. 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. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Type a symbol or company name. 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. "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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. That could fuel analysts questions at TDs earnings call Thursday. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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). All quotes delayed a minimum of 15 minutes. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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. Before becoming CEO, she was . Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Since Fraser took over the reins at Citi (. 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. Type a symbol or company name. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. All quotes delayed a minimum of 15 minutes. Our Standards: The Thomson Reuters Trust Principles. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. ET, Presented by studioID and Dun and Bradstreet, Webinar You may also find the annual proxy statement by going directly to the company's website. . 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. Get the free daily newsletter read by industry experts. This report is not for commercial use. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Far better than ending up as a troubled bank with a demotivated leader. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Will Others Follow? 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. 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. 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. 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. 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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Continue reading your article witha WSJ subscription, Already a member? Copy and paste multiple symbols separated by spaces. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Latest Update on the Future of Work at Citi. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Is this happening to you frequently? She took over as the first female chief executive of a major Wall Street bank in February 2021. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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. 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Fraser was Citis president and head of the consumer business for the 2020 pay period. Incentives matter too. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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 . Citi veteran Jane Fraser has been named Michael Corbat's successor. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Jane Fraser, Chief Executive Officer, Citi. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. All proxy statements are public filings made available to the general public by the SEC. That's down from 29% in the first year Citi reported the figures. - 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. 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. Shes the first female CEO of a major US bank. 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. Ms Fraser's total pay in 2021 was $22.5 million. She's the only CEO of a top-six U.S. bank to receive a raise last year. our Subscriber Agreement and by copyright law. 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. 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. Our Standards: The Thomson Reuters Trust Principles. If a company isnt doing well, its board and investors should want the best person to clean it up. 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 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. CEO compensation has risen steadily since the late 1970s. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Get started 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. . Fraser's rise is the result of a multiyear effort at Citi, the $74. - 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. | 1 p.m. Want to share a company announcement with your peers? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Much of the attention surrounding Frasers pay may stem from her gender. Jane Fraser's picture. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. (The author is a Reuters Breakingviews columnist. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Do Not Sell My Personal Information (CA Residents Only). 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. Incentives matter too. 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. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. articles a month for anyone to read, even non-subscribers! Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. She also received $16,800 in other forms of compensation. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. Vroom reports earnings. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Musk Made a Mess at Twitter. Bank of America boss Brian Moynihan is in line for $32 million. 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. But on Wall Street, she is a poor cousin. Fraser's compensation includes a $1.3 million cash. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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.