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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. 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. . 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. I vividly remember March 6 last year. 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. But on Wall Street, she is a poor cousin. 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. Bank of America boss Brian Moynihan is in line for $32 million. 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. See here for a complete list of exchanges and delays. Fraser's compensation includes a $1.3 million cash. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. Shes the first female CEO of a major US bank. The opinions expressed are his own.). - 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. On the surface, Citis performance explains the difference. The industry leader for online information for tax, accounting and finance professionals. 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. 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, 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 could fuel analysts questions at TDs earnings call Thursday. - 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. On the surface, Citis performance explains the difference. All rights reserved. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. CONTEXT NEWS. Half of Frasers non-base-pay compensation derives from the PSUs. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Distribution and use of this material are governed by Jennifer Surane. 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. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. 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%. If a company isnt doing well, its board and investors should want the best person to clean it up. Our Standards: The Thomson Reuters Trust Principles. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Morgan Stanley shares were up around 25% over the same time. 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. Type a symbol or company name. 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. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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's total pay in 2021 was $22.5 million. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. All proxy statements are public filings made available to the general public by the SEC. We've received your submission. It was a Friday. That's down from 29% in the first year Citi reported the figures. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Far better than ending up as a troubled bank with a demotivated leader. 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'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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. She's the only CEO of a top-six U.S. bank to receive a raise last year. March 24, 2021. Ms Fraser's total pay in 2021 was $22.5 million. Jane Fraser net worth is estimated at around $25 million. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Type a symbol or company name. ; 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 . She took over as the first female chief executive of a major Wall Street bank in February 2021. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Please disable your ad-blocker and refresh. 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. 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. 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But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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). 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. As data privacy regulations around the our Subscriber Agreement and by copyright law. 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. Thanks for contacting us. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. This information is according to proxy statements filed for the 2021 fiscal year. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. She is the. 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. Thats less sensible than it sounds. John Foley for 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 Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. - 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. All proxy statements are public filings made available to the general public by the SEC. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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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. Since Fraser took over the reins at Citi (. 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. 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 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. ET, Presented by studioID and Dun and Bradstreet, Webinar 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. See here for a complete list of exchanges and delays. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. | 1 p.m. 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. Citi CEO Jane Fraser shares her perspective on banking's shifting leadership landscape and the opportunity for diverse styles on CNBC Closing Bell: "I hope to If you have an ad-blocker enabled you may be blocked from proceeding. read more. 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. Musk Made a Mess at Twitter. Will His AI Plans Be Any Different? She joined Citi in 2004 in the Corporate and Investment Banking division. The information shown here is a reporting of information included in the company's proxy statement. Far better than ending up as a troubled bank with a demotivated leader. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor.