Not the one that runs along gender lines though Fraser does get a third less than her male peers. California Weighs $360,000 in Reparations to Eligible Black Residents. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. This report is not for commercial use. Subscribe to Banking Dive for top news, trends & analysis. Her main source of income is from her primary work as a business executive and CEO. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Distribution and use of this material are governed by 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%. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. Thats less sensible than it sounds. 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). 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5 million for 2022, up 9 per cent from the prior year, reported Wall Street Journal. Type a symbol or company name. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Incentives matter too. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Will His AI Plans Be Any Different? Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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 Far better than ending up as a troubled bank with a demotivated leader. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Please. 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. 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. 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. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Opinions expressed are those of the author. 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 rise is the result of a multiyear effort at Citi, the $74. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. But on Wall Street, she is a poor cousin. CONTEXT NEWS. 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. Half of Frasers non-base-pay compensation derives from the PSUs. 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. 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. Thats less sensible than it sounds. Musk Made a Mess at Twitter. Will Others Follow? For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. She took over as the first female chief executive of a major Wall Street bank in February 2021. (The author is a Reuters Breakingviews columnist. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. You may also find the annual proxy statement by going directly to the company's website. March 24, 2021. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Fraser was Citi's. ; 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 . Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Type a symbol or company name. "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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. See here for a complete list of exchanges and delays. (Editing by Lauren Silva Laughlin and Sharon Lam). This copy is for your personal, non-commercial use only. 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. On the surface, Citis performance explains the difference. 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. - 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. 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. 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. Ms Fraser's total pay in 2021 was $22.5 million. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. 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. Is this happening to you frequently? Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. - 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. Fraser's compensation includes a $1.3 million cash. 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. Thanks for contacting us. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. All proxy statements are public filings made available to the general public by the SEC. 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. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. I vividly remember March 6 last year. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Shes the first female CEO of a major US bank. 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. CEO compensation has risen steadily since the late 1970s. Not the one that runs along gender lines though Fraser does get a third less than her male peers. The information shown here is a reporting of information included in the company's proxy statement. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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. Do Not Sell My Personal Information (CA Residents Only). As data privacy regulations around the Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Fraser's compensation includes a $1.3 . 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. 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. All quotes delayed a minimum of 15 minutes. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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 . She is the. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Ms Fraser's total pay in 2021 was $22.5 million. Jane Fraser net worth is estimated at around $25 million. The "global . | 2 p.m. 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. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Let Banking Dive's free newsletter keep you informed, straight from your inbox. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Morgan Stanley shares were up around 25% over the same time. That was when it really hit me that . Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Jane Fraser, Chief Executive Officer, Citi. 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. These symbols will be available throughout the site during your session. 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. Feb. 28. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. See here for a complete list of exchanges and delays. 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). That could fuel analysts questions at TDs earnings call Thursday. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. She is the first woman to lead a U.S.-based Wall Street bank, and Citi long before Frasers ascent positioned itself as a market leader on gender equality. On the surface, Citis performance explains the difference. Continue reading your article witha WSJ subscription, Already a member? 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Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. . 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. 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). 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. Citigroup Chief Executive Jane Fraser will take home total compensation of $22.5 million for 2021 a nearly 32% increase from the previous year, the bank said Monday. 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. Coronavirus Tips Working and Protection. - 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 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. | 1 p.m. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Morgan Stanley shares were up around 25% over the same time. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Much of the attention surrounding Frasers pay may stem from her gender. She joined Citi in 2004 in the Corporate and Investment Banking division. . Vroom reports earnings. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. This report is not for commercial use. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. our Subscriber Agreement and by copyright law. Mr. Please disable your ad-blocker and refresh. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Our Standards: The Thomson Reuters Trust Principles. 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. All proxy statements are public filings made available to the general public by the SEC. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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