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. 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. 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. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Not the one that runs along gender lines though Fraser does get a third less than her male peers. , 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 She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. The industry leader for online information for tax, accounting and finance professionals. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. We've received your submission. Far better than ending up as a troubled bank with a demotivated leader. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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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. 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? For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Our Standards: The Thomson Reuters Trust Principles. 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. 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. Written by For non-personal use or to order multiple copies, please contact 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. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. - 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. 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. Manish Sisodia's Custody Extended, CBI Told Not To Repeat Questions, In Karnataka, Arvind Kejriwal Twist To BJP's "Double-Engine Government", Flu Cases With Severe Symptoms Rise, Centre Issues Advisory: 10 Facts, "Grateful Adani Group Has Shown Faith In Australia": Ex PM Tony Abbott, "I Gave Up": Shark Tank Judge Namita Thapar Reveals Her Struggles With IVF, Here's How To Avoid Covid-Like Flu Sweeping Across India, "World's 1st" Bamboo Crash Barrier Installed In Maharashtra: Nitin Gadkari, Influencer Andrew Tate, Facing Human Trafficking Charges, Has Lung Cancer, Rajya Sabha MP Kapil Sibal Announces Platform To Fight Injustice. Thats less sensible than it sounds. 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. 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). As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. . Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. John Foley for All rights reserved. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Jane Fraser net worth is estimated at around $25 million. 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. 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. Copy and paste multiple symbols separated by spaces. Fraser was Citi's. 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. ; 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 . This report is not for commercial use. 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Want to share a company announcement with your peers? Thats up from 35% last year. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. Will Others Follow? On the surface, Citis performance explains the difference. 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. Morgan Stanley shares were up around 25% over the same time. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. | 1 p.m. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Jane Fraser, Chief Executive Officer, Citi. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 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 majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. CEO compensation has risen steadily since the late 1970s. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Ms Fraser's total pay in 2021 was $22.5 million. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Will His AI Plans Be Any Different? 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In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. 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Type a symbol or company name. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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 See here for a complete list of exchanges and delays. 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. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal 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. 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 . Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. As data privacy regulations around the Citi veteran Jane Fraser has been named Michael Corbat's successor. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. 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 received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. 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 $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Please disable your ad-blocker and refresh. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Coronavirus Tips Working and Protection. - 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. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. These symbols will be available throughout the site during your session. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Incentives matter too. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. The information shown here is a reporting of information included in the company's proxy statement. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. See here for a complete list of exchanges and delays. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Latest Update on the Future of Work at Citi. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. 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. See here for a complete list of exchanges and delays. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Distribution and use of this material are governed by Get the free daily newsletter read by industry experts. . 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). Before becoming CEO, she was . For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. She also received $16,800 in other forms of compensation. 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. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Opinions expressed are those of the author. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. But on Wall Street, she is a poor cousin. 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. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. You may also find the annual proxy statement by going directly to the company's website. The industry leader for online information for tax, accounting and finance professionals. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. - 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. - 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. . Fraser is a 16-year veteran of the bank and held a succession of important leadership roles for marquee divisions at Citi, including serving as the chief executive for the U.S. consumer and. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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. Is this happening to you frequently? 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. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. That was when it really hit me that . Her main source of income is from her primary work as a business executive and CEO. Jane Fraser's picture. "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. ET, Presented by studioID and Dun and Bradstreet, Webinar 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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