CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Her main source of income is from her primary work as a business executive and CEO. 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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. This copy is for your personal, non-commercial use only. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. She took over as the first female chief executive of a major Wall Street bank in February 2021. Please. Much of the attention surrounding Frasers pay may stem from her gender. Jane Fraser's picture. Subscribe to Banking Dive for top news, trends & analysis. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. It was a Friday. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Will His AI Plans Be Any Different? Distribution and use of this material are governed by Want to share a company announcement with your peers? . Jane Fraser (born 1967) [1] is a British - American banking executive and the chief executive (CEO) of Citigroup, a position she has held since March 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. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. All quotes delayed a minimum of 15 minutes. - 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. The information shown here is a reporting of information included in the company's proxy statement. On the surface, Citis performance explains the difference. 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. 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. read more. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. "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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. March 24, 2021. But on Wall Street, she is a poor cousin. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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. 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. 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 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 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. We've received your submission. 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 Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Ms Fraser's total pay in 2021 was $22.5 million. John Foley for 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. 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. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Bank of America boss Brian Moynihan is in line for $32 million. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Before becoming CEO, she was . For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. CONTEXT NEWS. Will Others Follow? To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. - 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Before joining Citi, Jane was a Partner at McKinsey & Company. 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. 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 . ET, Presented by studioID and Dun and Bradstreet, Webinar But on Wall Street, she is a poor cousin. Half of Frasers non-base-pay compensation derives from the PSUs. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. articles a month for anyone to read, even non-subscribers! The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Ms Fraser's total pay in 2021 was $22.5 million. Since Fraser took over the reins at Citi (. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Thanks for contacting us. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. She also received $16,800 in other forms of compensation. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Mr. 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. 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. 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. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. The "global . 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. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. - 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Coronavirus Tips Working and Protection. Jane Fraser, Chief Executive Officer, Citi. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Continue reading your article witha WSJ subscription, Already a member? Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. (The author is a Reuters Breakingviews columnist. See here for a complete list of exchanges and delays. Jane Fraser net worth is estimated at around $25 million. For non-personal use or to order multiple copies, please contact 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). 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 also find the annual proxy statement by going directly to the company's website. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. 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. 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. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. All proxy statements are public filings made available to the general public by the SEC. Fraserwas paid $17.1 million for 2020. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Incentives matter too. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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 annual reports of executive compensation and pay are most commonly found in the Def 14a documents. I vividly remember March 6 last year. If you have an ad-blocker enabled you may be blocked from proceeding. 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. 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JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. , 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 Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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%. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. - 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. See here for a complete list of exchanges and delays. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. That could fuel analysts questions at TDs earnings call Thursday. 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. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. The opinions expressed are his own.). Our Standards: The Thomson Reuters Trust Principles. See here for a complete list of exchanges and delays. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Type a symbol or company name. This report is not for commercial use. Thats up from 35% last year. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Morgan Stanley shares were up around 25% over the same time. - 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. On the surface, Citis performance explains the difference. Type a symbol or company name. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. 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.
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