Ms Fraser's total pay in 2021 was $22.5 million. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. The "global . 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. Before becoming CEO, she was . Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Morgan Stanley shares were up around 25% over the same time. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. CONTEXT NEWS. 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%. 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. Musk Made a Mess at Twitter. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post Type a symbol or company name. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Bank of America boss Brian Moynihan is in line for $32 million. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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. See here for a complete list of exchanges and delays. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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 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. Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN Mike Corbat, Citigroup's chief executive, was paid $24m last year. The industry leader for online information for tax, accounting and finance professionals. 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). | 2 p.m. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Fraser was Citis president and head of the consumer business for the 2020 pay period. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. - 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. ET, Presented by studioID and Dun and Bradstreet, Webinar Want to share a company announcement with your peers? The information shown here is a reporting of information included in the company's proxy statement. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol Vroom reports earnings. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. If a company isnt doing well, its board and investors should want the best person to clean it up. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. That was when it really hit me that . Mr. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Latest Update on the Future of Work at Citi. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. As data privacy regulations around the The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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Citi picks Jane Fraser as next CEO first woman to lead the bank. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com 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. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME Is this happening to you frequently? For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Thats less sensible than it sounds. 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. Will His AI Plans Be Any Different? While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes Thorough reviews have been conducted to assure this data accurately reflects disclosures. Opinions expressed are those of the author. our Subscriber Agreement and by copyright law. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. I vividly remember March 6 last year. That could fuel analysts questions at TDs earnings call Thursday. All quotes delayed a minimum of 15 minutes. 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 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. Get started John Foley for Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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 CEO Jane Fraser's total pay for 2023 set at $24.5 million Meet Citi's Next CEO & Learn How She Climbed to the Top 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. 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. It was a Friday. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. She joined Citi in 2004 in the Corporate and Investment Banking division. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Her main source of income is from her primary work as a business executive and CEO. Type a symbol or company name. 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. 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. 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? Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. 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's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on 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. 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. Jane Fraser Net Worth (2022) | wallmine Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Bank of America boss Brian Moynihan is in line for $32 million. Distribution and use of this material are governed by 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's Jane Fraser to receive $12.5m pay grant Incentives matter too. 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. ; 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 . 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Shes the first female CEO of a major US bank. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Written by CITIGROUP INC Executive Salaries & Other Compensation - Salary.com Jennifer Surane. 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. 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. articles a month for anyone to read, even non-subscribers! Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Jane Fraser | Chief Executive Officer, Citi - Citigroup All proxy statements are public filings made available to the general public by the SEC. Citi's incoming CEO Jane Fraser forms new operating team to build Our Standards: The Thomson Reuters Trust Principles. Thats less sensible than it sounds. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Far better than ending up as a troubled bank with a demotivated leader. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 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. But on Wall Street, she is a poor cousin. Coronavirus Tips Working and Protection. Jane Fraser - CEO - Citi | LinkedIn She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. She's the only CEO of a top-six U.S. bank to receive a raise last year. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. All rights reserved. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. . 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. Will Others Follow? In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. She is the. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO 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 . You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Reuters, the news and media division of Thomson Reuters, is the worlds largest international multimedia news provider reaching more than one billion people every day. (The author is a Reuters Breakingviews columnist. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. 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. 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. Subscribe to Banking Dive for top news, trends & analysis. The industry leader for online information for tax, accounting and finance professionals. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. CEO compensation has risen steadily since the late 1970s. 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. Fraser's compensation includes a $1.3 . 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. 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. On the surface, Citis performance explains the difference. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. If a company isnt doing well, its board and investors should want the best person to clean it up. Continue reading your article witha WSJ subscription, Already a member? 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