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. 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Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Thanks for contacting us. 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. - 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. That's down from 29% in the first year Citi reported the figures. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Thorough reviews have been conducted to assure this data accurately reflects disclosures. You may also find the annual proxy statement by going directly to the company's website. If a company isnt doing well, its board and investors should want the best person to clean it up. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. ET, Presented by studioID and Dun and Bradstreet, Webinar articles a month for anyone to read, even non-subscribers! For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Written by That could fuel analysts questions at TDs earnings call Thursday. 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. - 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. (The author is a Reuters Breakingviews columnist. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Fraser's rise is the result of a multiyear effort at Citi, the $74. See here for a complete list of exchanges and delays. Bank of America boss Brian Moynihan is in line for $32 million. 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). 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. (Editing by Lauren Silva Laughlin and Sharon Lam). Before joining Citi, Jane was a Partner at McKinsey & Company. Fraser was Citis president and head of the consumer business for the 2020 pay period. I vividly remember March 6 last 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. 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%. Type a symbol or company name. Thats less sensible than it sounds. - 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. All proxy statements are public filings made available to the general public by the SEC. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. March 24, 2021. 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The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. Before becoming CEO, she was . 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). But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. This copy is for your personal, non-commercial use only. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. CONTEXT NEWS. 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. The "global . The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. Ms Fraser's total pay in 2021 was $22.5 million. Fraser was Citi's. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. Half of Frasers non-base-pay compensation derives from the PSUs. Vroom reports 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. But on Wall Street, she is a poor cousin. 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. CEO compensation has risen steadily since the late 1970s. For non-personal use or to order multiple copies, please contact Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Far better than ending up as a troubled bank with a demotivated leader. 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. Much of the attention surrounding Frasers pay may stem from her gender. Shes the first female CEO of a major US bank. Distribution and use of this material are governed by Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Copy and paste multiple symbols separated by spaces. 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. 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. All quotes delayed a minimum of 15 minutes. 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. Ms Fraser's total pay in 2021 was $22.5 million. The information shown here is a reporting of information included in the company's proxy statement. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Will His AI Plans Be Any Different? | 1 p.m. 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). Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. That was when it really hit me that . If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Since Fraser took over the reins at Citi (. She joined Citi in 2004 in the Corporate and Investment Banking division. California Weighs $360,000 in Reparations to Eligible Black Residents. Reuters->. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Bank of America boss Brian Moynihan is in line for $32 million. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. - 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. 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. Thats less sensible than it sounds. 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. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. Incentives matter too. 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Get started Jennifer Surane. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Musk Made a Mess at Twitter. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Far better than ending up as a troubled bank with a demotivated leader. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. , 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 For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. John Foley for 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. 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. 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. Our Standards: The Thomson Reuters Trust Principles. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. 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. But on Wall Street, she is a poor cousin. Want to share a company announcement with your peers? Mr. Fraser's compensation includes a $1.3 . Will Others Follow? 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Continue reading your article witha WSJ subscription, Already a member? - 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. Do Not Sell My Personal Information (CA Residents Only). 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. Is this happening to you frequently? Subscribe to Banking Dive for top news, trends & analysis. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Jane Fraser, Chief Executive Officer, Citi. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Feb. 28. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. See here for a complete list of exchanges and delays. Her main source of income is from her primary work as a business executive and CEO. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7.
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jane fraser citi salary
