March 24, 2021. Copy and paste multiple symbols separated by spaces. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Create your Watchlist to save your favorite quotes on Nasdaq.com. Fraser was Citi's. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Bank of America boss Brian Moynihan is in line for $32 million. As data privacy regulations around the 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Get started This report is not for commercial use. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq 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. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Shes the first female CEO of a major US bank. 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. Before joining Citi, Jane was a Partner at McKinsey & Company. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. 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 . Half of Frasers non-base-pay compensation derives from the PSUs. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. 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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. 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. 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. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. Is this happening to you frequently? Citi pays Fraser $22.5M in her first year as CEO | Banking Dive JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Jane Fraser net worth is estimated at around $25 million. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Incentives matter too. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. - 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. - 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. 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. As data privacy regulations around the 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. "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. Our Standards: The Thomson Reuters Trust Principles. Before becoming CEO, she was . She took over as the first female chief executive of a major Wall Street bank in February 2021. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Please. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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Ms Fraser's total pay in 2021 was $22.5 million. 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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. Thats less sensible than it sounds. Citi's incoming CEO Jane Fraser forms new operating team to build Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Jane Fraser - CEO - Citi | LinkedIn 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. Thats less sensible than it sounds. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million That was when it really hit me that . articles a month for anyone to read, even non-subscribers! Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Type a symbol or company name. Do Not Sell My Personal Information (CA Residents Only). - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Morgan Stanley shares were up around 25% over the same time. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Citigroup's Jane Fraser to receive $12.5m pay grant Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Latest Update on the Future of Work at Citi. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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). Distribution and use of this material are governed by 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. 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 boosts Fraser's pay 8.9% to $24.5M | Banking Dive All quotes delayed a minimum of 15 minutes. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. The information shown here is a reporting of information included in the company's proxy statement. Continue reading your article witha WSJ subscription, Already a member? For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. You may also find the annual proxy statement by going directly to the company's website. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. That's down from 29% in the first year Citi reported the figures. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million See here for a complete list of exchanges and delays. Jane Fraser, Chief Executive Officer, Citi. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. I vividly remember March 6 last year. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. - 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. Far better than ending up as a troubled bank with a demotivated leader. CEO compensation has risen steadily since the late 1970s. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Will His AI Plans Be Any Different? Since Fraser took over the reins at Citi (. But on Wall Street, she is a poor cousin. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The opinions expressed are his own.). Thats up from 35% last year. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. The industry leader for online information for tax, accounting and finance professionals. Citi picks Jane Fraser as next CEO first woman to lead the bank. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Jane Fraser (executive) - Wikipedia The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. - 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. . 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. 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's Jane Fraser Gets $22.5 Million for First Year as CEO Far better than ending up as a troubled bank with a demotivated leader. 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. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. CONTEXT NEWS. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Written by 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. 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? She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Reuters->. Fraserwas paid $17.1 million for 2020. California Weighs $360,000 in Reparations to Eligible Black Residents. All rights reserved. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Mr. (Editing by Lauren Silva Laughlin and Sharon Lam). Type a symbol or company name. 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%. Jennifer Surane. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post She is the. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Frasers compensation breaks down to a $1.33 million annual salary, a $6.35 million cash incentive, $4.23 million in deferred stock that vests over four years and $10.58 million in performance share units (PSUs). Musk Made a Mess at Twitter. ET, Presented by studioID and Dun and Bradstreet, Webinar 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 raises Fraser's pay by 32% after appointing her as CEO See here for a complete list of exchanges and delays. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Subscribe to Banking Dive for top news, trends & analysis. 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. Jane Fraser Net Worth (2022) | wallmine 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. On the surface, Citis performance explains the difference. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. - 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. 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. 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. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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. This information is according to proxy statements filed for the 2021 fiscal year. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. 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 estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Let Banking Dive's free newsletter keep you informed, straight from your inbox. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Shareholders dont want to see an executive strike gold when they have not, and investor advisers like Institutional Shareholder Services tend to oppose pay packages out of line with stock returns. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. CITIGROUP INC Executive Salaries & Other Compensation - Salary.com While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a 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.

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