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The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol 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. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Fraser's 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. CITIGROUP INC Executive Salaries & Other Compensation - Salary.com Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Not the one that runs along gender lines though Fraser does get a third less than her male peers. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. March 24, 2021. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post That's down from 29% in the first year Citi reported the figures. Do Not Sell My Personal Information (CA Residents Only). California Weighs $360,000 in Reparations to Eligible Black Residents. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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. 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 information shown here is a reporting of information included in the company's proxy statement. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. articles a month for anyone to read, even non-subscribers! Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. It was a Friday. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO 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. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. The industry leader for online information for tax, accounting and finance professionals. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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). 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. Citigroup raises Fraser's pay by 32% after appointing her as CEO In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Subscribe to Banking Dive for top news, trends & analysis. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. On the surface, Citis performance explains the difference. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. 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. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. As data privacy regulations around the If a company isnt doing well, its board and investors should want the best person to clean it up. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Vroom reports earnings. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Far better than ending up as a troubled bank with a demotivated leader. 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Coronavirus Tips Working and Protection. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. Morgan Stanley shares were up around 25% over the same time. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Jane Fraser Net Worth (2022) | wallmine 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. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. Chuck Klusman on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC John Foley for Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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We've received your submission. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. "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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. 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. Jennifer Surane. . | 2 p.m. - 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Please. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. On the surface, Citis performance explains the difference. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Incentives matter too. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. That was when it really hit me that . 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. She joined Citi in 2004 in the Corporate and Investment Banking division. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. , 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 They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. This report is not for commercial use. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Will His AI Plans Be Any Different? 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. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Thats up from 35% last year. 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. She took over as the first female chief executive of a major Wall Street bank in February 2021. That could fuel analysts questions at TDs earnings call Thursday. See here for a complete list of exchanges and delays. As data privacy regulations around the Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Distribution and use of this material are governed by Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. (The author is a Reuters Breakingviews columnist. Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN 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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. 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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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. All rights reserved. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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. 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. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. For non-personal use or to order multiple copies, please contact 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. | 1 p.m. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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? Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. But on Wall Street, she is a poor cousin. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. The opinions expressed are his own.). For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. If a company isnt doing well, its board and investors should want the best person to clean it up. Citi picks Jane Fraser as next CEO first woman to lead the bank. our Subscriber Agreement and by copyright law. Jane Fraser | Chief Executive Officer, Citi - Citigroup 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. . Written by Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Thanks for contacting us. Reuters->. Half of Frasers non-base-pay compensation derives from the PSUs. 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 Standards: The Thomson Reuters Trust Principles. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Her main source of income is from her primary work as a business executive and CEO. Latest Update on the Future of Work at Citi. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Citi pays Fraser $22.5M in her first year as CEO | Banking Dive Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Before joining Citi, Jane was a Partner at McKinsey & Company. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Citigroup's Jane Fraser to receive $12.5m pay grant 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. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq - 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Before becoming CEO, she was . The "global . Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. 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. The industry leader for online information for tax, accounting and finance professionals.
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