Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. On the surface, Citis performance explains the difference. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Jane Fraser's picture. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. 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. 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Latest Update on the Future of Work at Citi. If a company isnt doing well, its board and investors should want the best person to clean it up. read more. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. 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. Type a symbol or company name. CONTEXT NEWS. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. CEO compensation has risen steadily since the late 1970s. Thanks for contacting us. That's down from 29% in the first year Citi reported the figures. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. She is the. 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. That was when it really hit me that . Bank of America boss Brian Moynihan is in line for $32 million. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. As data privacy regulations around the 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. 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. These symbols will be available throughout the site during your session. This information is according to proxy statements filed for the 2021 fiscal year. ET, Presented by studioID and Dun and Bradstreet, Webinar Ms Fraser's total pay in 2021 was $22.5 million. This copy is for your personal, non-commercial use only. Please disable your ad-blocker and refresh. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. It was a Friday. Shes the first female CEO of a major US bank. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. - 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Get the free daily newsletter read by industry experts. 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 $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. - 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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. 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. 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. ; 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 . .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. . Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. . 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. All quotes delayed a minimum of 15 minutes. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Incentives matter too. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. 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 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. 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. All proxy statements are public filings made available to the general public by the SEC. Fraserwas paid $17.1 million for 2020. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. Ms Fraser's total pay in 2021 was $22.5 million. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Reuters->. If you have an ad-blocker enabled you may be blocked from proceeding. 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. 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 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. Half of Frasers non-base-pay compensation derives from the PSUs. articles a month for anyone to read, even non-subscribers! Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Her main source of income is from her primary work as a business executive and CEO. 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. 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. 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. Fraser's compensation includes a $1.3 . 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. Thats less sensible than it sounds. 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. See here for a complete list of exchanges and delays. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Since Fraser took over the reins at Citi (. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Our Standards: The Thomson Reuters Trust Principles. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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 . To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. our Subscriber Agreement and by copyright law. Jane Fraser net worth is estimated at around $25 million. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Before becoming CEO, she was . - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Jane Fraser, Chief Executive Officer, Citi. Thorough reviews have been conducted to assure this data accurately reflects disclosures. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. All quotes delayed a minimum of 15 minutes. Vroom reports earnings. (The author is a Reuters Breakingviews columnist. California Weighs $360,000 in Reparations to Eligible Black Residents. She also received $16,800 in other forms of compensation. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. - 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. Much of the attention surrounding Frasers pay may stem from her gender. Morgan Stanley shares were up around 25% over the same time. | 1 p.m. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. See here for a complete list of exchanges and delays. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. This report is not for commercial use. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Thorough reviews have been conducted to assure this data accurately reflects disclosures. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Fraser's rise is the result of a multiyear effort at Citi, the $74.