Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Will His AI Plans Be Any Different? Is this happening to you frequently? Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. 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). - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Incentives matter too. 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. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. She is the. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. , The free newsletter covering the top industry headlines, By Anna Hrushka, Dan Ennis and Gabrielle Saulsbery , Encapture releases data validation solution to enhance compliance automation, By signing up to receive our newsletter, you agree to our, Webinar Bank of America boss Brian Moynihan is in line for $32 million. 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? Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. On the surface, Citis performance explains the difference. 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. All proxy statements are public filings made available to the general public by the SEC. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. Far better than ending up as a troubled bank with a demotivated leader. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. We've received your submission. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. read more. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Type a symbol or company name. 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. . 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. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . That could fuel analysts questions at TDs earnings call Thursday. Far better than ending up as a troubled bank with a demotivated leader. Latest Update on the Future of Work at Citi. CEO compensation has risen steadily since the late 1970s. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. - 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. 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. 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. 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). You may also find the annual proxy statement by going directly to the company's website. 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. 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. 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. The information shown here is a reporting of information included in the company's proxy statement. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. ET, Presented by studioID and Dun and Bradstreet, Webinar Thats up from 35% last year. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. - 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. ; 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 . She also received $16,800 in other forms of compensation. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. CONTEXT NEWS. All quotes delayed a minimum of 15 minutes. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. All quotes delayed a minimum of 15 minutes. Not the one that runs along gender lines though Fraser does get a third less than her male peers. (Editing by Lauren Silva Laughlin and Sharon Lam). The industry leader for online information for tax, accounting and finance professionals. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Please disable your ad-blocker and refresh. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. See here for a complete list of exchanges and delays. Jane Fraser net worth is estimated at around $25 million. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Continue reading your article witha WSJ subscription, Already a member? Will Others Follow? 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 has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Mike Corbat, Citigroup's chief executive, was paid $24m last year. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Want to share a company announcement with your peers? You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. All proxy statements are public filings made available to the general public by the SEC. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Jennifer Surane. You may also find the annual proxy statement by going directly to the company's website. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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 . 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. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Not the one that runs along gender lines though Fraser does get a third less than her male peers. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. Opinions expressed are those of the author. The "global . 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Incentives matter too. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Please. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Create your Watchlist to save your favorite quotes on Nasdaq.com. Musk Made a Mess at Twitter. Ms Fraser's total pay in 2021 was $22.5 million. Mr. Reuters->. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. 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. 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Citi veteran Jane Fraser has been named Michael Corbat's successor. Jane Fraser, Chief Executive Officer, Citi. Jane Fraser's picture. 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. These symbols will be available throughout the site during your session. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. This report is not for commercial use.
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