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. Copy and paste multiple symbols separated by spaces. Thats less sensible than it sounds. . 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. Fraser's compensation includes a $1.3 million cash. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. She's the only CEO of a top-six U.S. bank to receive a raise last year. Latest Update on the Future of Work at Citi. 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. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. (Editing by Lauren Silva Laughlin and Sharon Lam). - 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. 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. Ms Fraser's total pay in 2021 was $22.5 million. (The author is a Reuters Breakingviews columnist. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. All quotes delayed a minimum of 15 minutes. Get started In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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. 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. 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. 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. This information is according to proxy statements filed for the 2021 fiscal year. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. 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. March 24, 2021. Is this happening to you frequently? 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. As data privacy regulations around the . 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. 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. 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. 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. 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. | 2 p.m. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Ms Fraser's total pay in 2021 was $22.5 million. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Will Others Follow? This copy is for your personal, non-commercial use only. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Fraserwas paid $17.1 million for 2020. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Thorough reviews have been conducted to assure this data accurately reflects disclosures. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. The industry leader for online information for tax, accounting and finance professionals. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Subscribe to Banking Dive for top news, trends & analysis. Far better than ending up as a troubled bank with a demotivated leader. This report is not for commercial use. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Written by 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 . 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. , 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 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. Incentives matter too. See here for a complete list of exchanges and delays. 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, 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. 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Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Fraser was Citi's. Ms Fraser's total pay in 2021 was $22.5 million. - 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. Our Standards: The Thomson Reuters Trust Principles. Thats up from 35% last year. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Far better than ending up as a troubled bank with a demotivated leader. The industry leader for online information for tax, accounting and finance professionals. In her first year as CEO, Jane Fraser quickly set to work on a strategic refresh and announced plans to shed consumer banking assets around the globe. The opinions expressed are his own.). From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. 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. Jane Fraser net worth is estimated at around $25 million. - 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. Continue reading your article witha WSJ subscription, Already a member? You may also find the annual proxy statement by going directly to the company's website. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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. Please. our Subscriber Agreement and by copyright law. 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. 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. Bank of America boss Brian Moynihan is in line for $32 million. 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. 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. Before joining Citi, Jane was a Partner at McKinsey & Company. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. 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Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. ET, Presented by studioID and Dun and Bradstreet, Webinar Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Please disable your ad-blocker and refresh. The "global . Vroom reports earnings. 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. That could fuel analysts questions at TDs earnings call Thursday. 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. All quotes delayed a minimum of 15 minutes. 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