During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Incentives matter too. 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). Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. The opinions expressed are his own.). This information is according to proxy statements filed for the 2021 fiscal year. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Not the one that runs along gender lines though Fraser does get a third less than her male peers. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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%. Vroom reports earnings. 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. 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. That's down from 29% in the first year Citi reported the figures. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. | 1 p.m. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Reuters->. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Half of Frasers non-base-pay compensation derives from the PSUs. All proxy statements are public filings made available to the general public by the SEC. 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Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. ; 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 . 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. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Fraser's compensation includes a $1.3 million cash. Subscribe to Banking Dive for top news, trends & analysis. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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Fraser was Citi's. 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. 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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. This copy is for your personal, non-commercial use only. Ms Fraser's total pay in 2021 was $22.5 million. Musk Made a Mess at Twitter. 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. , 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 Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The industry leader for online information for tax, accounting and finance professionals. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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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. Please disable your ad-blocker and refresh. 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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. Bank of America boss Brian Moynihan is in line for $32 million. 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. . 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. If you have an ad-blocker enabled you may be blocked from proceeding. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. - 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. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Is this happening to you frequently? Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. Get started American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. All proxy statements are public filings made available to the general public by the SEC. 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. - 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. 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. Get the free daily newsletter read by industry experts. Before becoming CEO, she was . 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Jane Fraser net worth is estimated at around $25 million. You may also find the annual proxy statement by going directly to the company's website. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. But on Wall Street, she is a poor cousin. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Fraserwas paid $17.1 million for 2020. 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. 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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. All quotes delayed a minimum of 15 minutes. Will Others Follow? 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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 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. 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. Feb 14 (Reuters) - Citigroup Inc (C.N) Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and the head of its consumer businesses, the bank disclosed on Monday. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. That could fuel analysts questions at TDs earnings call Thursday. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. CEO compensation has risen steadily since the late 1970s. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Feb. 28. 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. - 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. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. 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Copy and paste multiple symbols separated by spaces. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. See here for a complete list of exchanges and delays. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. On the surface, Citis performance explains the difference. I vividly remember March 6 last year. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. On the surface, Citis performance explains the difference. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Shes the first female CEO of a major US bank. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Thats up from 35% last year. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Mr. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. For non-personal use or to order multiple copies, please contact If a company isnt doing well, its board and investors should want the best person to clean it up. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. Latest Update on the Future of Work at Citi. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. We've received your submission. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Do Not Sell My Personal Information (CA Residents Only). She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Mike Corbat, Citigroup's chief executive, was paid $24m last year. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Before joining Citi, Jane was a Partner at McKinsey & Company. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. . Ms Fraser's total pay in 2021 was $22.5 million. 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. See here for a complete list of exchanges and delays. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Thorough reviews have been conducted to assure this data accurately reflects disclosures. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. All rights reserved. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Morgan Stanley shares were up around 25% over the same time. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. If a company isnt doing well, its board and investors should want the best person to clean it up. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. our Subscriber Agreement and by copyright law. 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. Type a symbol or company name. Bank of America boss Brian Moynihan is in line for $32 million. 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. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. The industry leader for online information for tax, accounting and finance professionals. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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.