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. John Foley for However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . The information shown here is a reporting of information included in the company's proxy statement. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Before becoming CEO, she was . 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 talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Latest Update on the Future of Work at Citi. On the surface, Citis performance explains the difference. But on Wall Street, she is a poor cousin. 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. But on Wall Street, she is a poor cousin. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. The opinions expressed are his own.). 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. Thats less sensible than it sounds. See here for a complete list of exchanges and delays. 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. , 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 Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Distribution and use of this material are governed by Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. We've received your submission. 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. 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. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. 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Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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). Do Not Sell My Personal Information (CA Residents Only). "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. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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's picture. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Fraser was Citis president and head of the consumer business for the 2020 pay period. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Thorough reviews have been conducted to assure this data accurately reflects disclosures. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. You may also find the annual proxy statement by going directly to the company's website. - 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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Jane Fraser net worth is estimated at around $25 million. 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. 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. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. Feb 14 (Reuters) - Citigroup Inc (C.N) Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and the head of its consumer businesses, the bank disclosed on Monday. Get started She also received $16,800 in other forms of compensation. Fiscal Year Ended in 2021 The charts on this page feature a breakdown of the total annual pay for the top executives at CITIGROUP INC as reported in their proxy statements. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Not the one that runs along gender lines though Fraser does get a third less than her male peers. | 2 p.m. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. ET, Presented by studioID and Dun and Bradstreet, Webinar 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. 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. 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%. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Frasers 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. 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. Reuters->. 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. Please. Want to share a company announcement with your peers? All rights reserved. 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 . 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. CEO compensation has risen steadily since the late 1970s. Citi veteran Jane Fraser has been named Michael Corbat's successor. As data privacy regulations around the 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. (Editing by Lauren Silva Laughlin and Sharon Lam). Thats less sensible than it sounds. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, iPhone Maker Plans $700 Million India Plant in Shift From China, Stock Traders Are Ignoring Blaring Bond Alarms, S&P 500 Notches Best Week Since Late January: Markets Wrap. The 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Will His AI Plans Be Any Different? our Subscriber Agreement and by copyright law. Ms Fraser's total pay in 2021 was $22.5 million. It was a Friday. Fraserwas paid $17.1 million for 2020. Copy and paste multiple symbols separated by spaces. Vroom reports earnings. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Opinions expressed are those of the author. Is this happening to you frequently? 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. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. ET, First Horizon warns TD deal may be in limbo, Citi to cut hundreds of investment banking, mortgage, tech jobs: reports, Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle, JPMorgan decries fishing expedition in Epstein case, How Banks are Better Navigating Industry Changes, Winning banking customer service in the COVID era, The rise of imitation banks may lead to regulatory scrutiny, Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts, N26 head of risk quits in escalating leadership crisis, How to Deliver Cost Savings While Improving Service in the Banking World, 2023 Economic Insight & Best Practices in Financial Risk Management, How to Decrease Errors & Fraud in Financial Institutions, Protecting your Financial Institution from Mobile Fraud Schemes in 2023, First Fidelity Bank enters BaaS space with Episode Six partnership, Ohio bank reaches $9M redlining settlement with DOJ, Goldman pins its hopes on asset and wealth management, While her compensation ranks well below industry leaders the CEOs of, Frasers $22.5 million for 2021 is also 18.2% more than the. The information shown here is a reporting of information included in the company's proxy statement.
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