Thats up from 35% last year. Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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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. Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. Analysis: Goldman Sachs faces hard sell for its consumer assets, Ex-Goldman banker Ng deserves 15 years in prison, US prosecutors say, Reporting by David Henry in New York and Sohini Podder in Bengaluru; Editing by Aditya Soni, Silvergate suspends crypto payments network; shares fall after-hours, Bank of Canada to hold rates steady at 4.50% through this year, How China's new No.2 hastened the end of Xi's zero-COVID policy, Analysis: US Republicans aim to stymie gun sale codes at state level, American Airlines, flight attendants union seek mediation in contract negotiations, Argentina melts in late-summer heat wave as records tumble, As space junk threat grows, government and investors seek solutions, Indonesian officials call for audit after Pertamina fire kills 15, Brazil's Petrobras faces legal risks after halting asset sales -lawyers, Exclusive news, data and analytics for financial market professionals. - 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. Half of Frasers non-base-pay compensation derives from the PSUs. 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. These symbols will be available throughout the site during your session. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. - 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. See here for a complete list of exchanges and delays. . If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a That was when it really hit me that . Leadership Team - Jane Fraser | Citi Citigroup's Jane Fraser to receive $12.5m pay grant She's the only CEO of a top-six U.S. bank to receive a raise last year. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. - 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. On the surface, Citis performance explains the difference. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Shes the first female CEO of a major US bank. As data privacy regulations around the For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. CEO compensation has risen steadily since the late 1970s. 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. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol Oil Producers Hand $128 Billionto Investors as Doubts Grow About Future of Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Fraser's compensation includes a $1.3 . 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. Please disable your ad-blocker and refresh. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Jane Fraser's picture. 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. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. 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. I left the office and walked down to the grocery store to stock up and there was not one vegetablefresh or frozenleft on any of the shelves. Jane Fraser net worth is estimated at around $25 million. 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. 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. - 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 INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Before joining Citi, Jane was a Partner at McKinsey & Company. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. 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. 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. All quotes delayed a minimum of 15 minutes. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. That could fuel analysts questions at TDs earnings call Thursday. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. 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. 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. All proxy statements are public filings made available to the general public by the SEC. In Fraser's first year as CEO, the bank also submitted plans to the OCC and the Federal Reserve to address how to resolve its 2020 consent orders. 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. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Get started 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). Citigroup raises Fraser's pay by 32% after appointing her as CEO You may also find the annual proxy statement by going directly to the company's website. Thats less sensible than it sounds. Get the free daily newsletter read by industry experts. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. She took over as the first female chief executive of a major Wall Street bank in February 2021. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. Continue reading your article witha WSJ subscription, Already a member? Want to share a company announcement with your peers? But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. Bank of America boss Brian Moynihan is in line for $32 million. March 24, 2021. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Incentives matter too. Will His AI Plans Be Any Different? Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Ms Fraser's total pay in 2021 was $22.5 million. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Jane Fraser Net Worth (2022) | wallmine 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. 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. Much of the attention surrounding Frasers pay may stem from her gender. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% - 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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? That's down from 29% in the first year Citi reported the figures. 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%. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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 on LinkedIn: Citi CEO Jane Fraser shares her perspective on 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. Latest Update on the Future of Work at Citi. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Thorough reviews have been conducted to assure this data accurately reflects disclosures. I vividly remember March 6 last 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. 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). Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Citi pays Fraser $22.5M in her first year as CEO | Banking Dive 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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. Before becoming CEO, she was . - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. For non-personal use or to order multiple copies, please contact Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. This copy is for your personal, non-commercial use only. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Jane Fraser (executive) - Wikipedia On the surface, Citis performance explains the difference. ET, Presented by studioID and Dun and Bradstreet, Webinar Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME 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. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. This report is not for commercial use. Goldman Sachs Group Inc (GS.N) CEO David Solomon and Morgan Stanley (MS.N) CEO James Gorman are both getting $35 million, while Brian Moynihan, CEO of Bank of America Corp (BAC.N), is receiving $32 million. Opinions expressed are those of the author. read more. 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. Musk Made a Mess at Twitter. The industry leader for online information for tax, accounting and finance professionals. The Citi Blog - Latest Update on the Future of Work 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. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. She also received $16,800 in other forms of compensation. Fraserwas paid $17.1 million for 2020. 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. | 2 p.m. All proxy statements are public filings made available to the general public by the SEC.