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. 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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. - 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. Shes the first female CEO of a major US bank. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Written by Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. If you have an ad-blocker enabled you may be blocked from proceeding. 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. The opinions expressed are his own.). She's the only CEO of a top-six U.S. bank to receive a raise last year. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Musk Made a Mess at Twitter. Mike Corbat, Citigroup's chief executive, was paid $24m last year. The information shown here is a reporting of information included in the company's proxy statement. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Do Not Sell My Personal Information (CA Residents Only). . Not the one that runs along gender lines though Fraser does get a third less than her male peers. This copy is for your personal, non-commercial use only. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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). For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. All proxy statements are public filings made available to the general public by the SEC. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. On the surface, Citis performance explains the difference. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Much of the attention surrounding Frasers pay may stem from her gender. Coronavirus Tips Working and Protection. 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. 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. Type a symbol or company name. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Opinions expressed are those of the author. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Our Standards: The Thomson Reuters Trust Principles. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Distribution and use of this material are governed by But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. read more. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. See here for a complete list of exchanges and delays. 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. - 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. You may also find the annual proxy statement by going directly to the company's website. 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. 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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. Jane Fraser net worth is estimated at around $25 million. If a company isnt doing well, its board and investors should want the best person to clean it up. All rights reserved. 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. The information shown here is a reporting of information included in the company's proxy statement. John Foley for Incentives matter too. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Will His AI Plans Be Any Different? 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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. Thats up from 35% last year. Citi veteran Jane Fraser has been named Michael Corbat's successor. The industry leader for online information for tax, accounting and finance professionals. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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. 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. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. (The author is a Reuters Breakingviews columnist. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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 . Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. On the surface, Citis performance explains the difference. 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. 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. Fraserwas paid $17.1 million for 2020. 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). We've received your submission. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Far better than ending up as a troubled bank with a demotivated leader. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. Fraser was Citi's. - 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Feb. 28. 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. That was when it really hit me that . 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. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. CEO compensation has risen steadily since the late 1970s. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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. Please disable your ad-blocker and refresh. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Our Standards: The Thomson Reuters Trust Principles. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. She joined Citi in 2004 in the Corporate and Investment Banking division. 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 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. But on Wall Street, she is a poor cousin. See here for a complete list of exchanges and delays. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Fraser's rise is the result of a multiyear effort at Citi, the $74. Is this happening to you frequently? 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. You may also find the annual proxy statement by going directly to the company's website. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. CONTEXT NEWS. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. That could fuel analysts questions at TDs earnings call Thursday. 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. 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. Get the free daily newsletter read by industry experts. - 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Thats less sensible than it sounds. Since Fraser took over the reins at Citi (. Create your Watchlist to save your favorite quotes on Nasdaq.com. Vroom reports earnings. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. As data privacy regulations around the A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. All quotes delayed a minimum of 15 minutes. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. 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 main source of income is from her primary work as a business executive and CEO. Morgan Stanley shares were up around 25% over the same time. 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. 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. our Subscriber Agreement and by copyright law. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. | 2 p.m. But on Wall Street, she is a poor cousin. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. The industry leader for online information for tax, accounting and finance professionals. Get started This information is according to proxy statements filed for the 2021 fiscal year. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. March 24, 2021. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Will Others Follow? I vividly remember March 6 last year. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Copy and paste multiple symbols separated by spaces. Ms Fraser's total pay in 2021 was $22.5 million. 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. Before joining Citi, Jane was a Partner at McKinsey & Company. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Fraser's compensation includes a $1.3 million cash. Want to share a company announcement with your peers? All proxy statements are public filings made available to the general public by the SEC. - 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. Jane Fraser's picture. 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Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Citigroup directors cited Fraser's ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Latest Update on the Future of Work at Citi. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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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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.