Thorough reviews have been conducted to assure this data accurately reflects disclosures. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Her main source of income is from her primary work as a business executive and CEO. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. As data privacy regulations around the read more. It was a Friday. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. She is the. 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. 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. 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. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Mr. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. CEO compensation has risen steadily since the late 1970s. Goldman Sachs Group IncCEO David Solomon and Morgan StanleyCEO James Gorman are both getting $35 million, while Brian Moynihan, CEO of Bank of America Corp, is receiving $32 million. - 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. 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For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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. Feb. 28. 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 & Cohead Jamie Dimon is receiving $34.5 million for 2021. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Bank of America boss Brian Moynihan is in line for $32 million. Our Standards: The Thomson Reuters Trust Principles. The "global . Morgan Stanley shares were up around 25% over the same time. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Ms Fraser's total pay in 2021 was $22.5 million. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. 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. 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. 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. 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. 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. 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 This information is according to proxy statements filed for the 2021 fiscal year. The industry leader for online information for tax, accounting and finance professionals. 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. (The author is a Reuters Breakingviews columnist. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. 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But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. You may also find the annual proxy statement by going directly to the company's website. 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. 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. That was when it really hit me that . Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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 has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Thats up from 35% last year. These symbols will be available throughout the site during your session. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. This report is not for commercial use. 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. See here for a complete list of exchanges and delays. ET, Presented by studioID and Dun and Bradstreet, Webinar Vroom reports earnings. 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 . Reuters->. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Fraser's rise is the result of a multiyear effort at Citi, the $74. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . I vividly remember March 6 last year. She also received $16,800 in other forms of compensation. 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. - 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. All rights reserved. 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. Fraser's compensation includes a $1.3 . 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. 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. All proxy statements are public filings made available to the general public by the SEC. 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 veteran Jane Fraser has been named Michael Corbat's successor. 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. . The information shown here is a reporting of information included in the company's proxy statement. Will His AI Plans Be Any Different? The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Before becoming CEO, she was . Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Thats less sensible than it sounds. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. You may also find the annual proxy statement by going directly to the company's website. Ms Fraser's total pay in 2021 was $22.5 million. 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. Written by JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. That's down from 29% in the first year Citi reported the figures. "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. 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. . Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. Jane Fraser's picture. Far better than ending up as a troubled bank with a demotivated leader. 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Type a symbol or company name. Her $1.33 million salary represents 10 months at Citis usual CEO pay rate of $1.5 million per year because Fraser took over the banks top role March 1, the bank said. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Morgan Stanley shares were up around 25% over the same time. 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We've received your submission. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Will Others Follow? 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. 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 was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. All quotes delayed a minimum of 15 minutes. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Type a symbol or company name. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. CONTEXT NEWS. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. But on Wall Street, she is a poor cousin. 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 Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. On the surface, Citis performance explains the difference. Thats less sensible than it sounds. 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. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year.