Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Citi picks Jane Fraser as next CEO first woman to lead the bank. This report is not for commercial use. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. But on Wall Street, she is a poor cousin. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post But Frasers firm is less efficient, slower-growing and earns a lower return on equity. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. But on Wall Street, she is a poor cousin. "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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. See here for a complete list of exchanges and delays. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Fraser's compensation includes a $1.3 million cash. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 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. Incentives matter too. We've received your submission. 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. 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. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Copy and paste multiple symbols separated by spaces. Thorough reviews have been conducted to assure this data accurately reflects disclosures. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes See here for a complete list of exchanges and delays. 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. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. 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. Thats less sensible than it sounds. - 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. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters Latest Update on the Future of Work at Citi. Citi veteran Jane Fraser has been named Michael Corbat's successor. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. The Citi Blog - Latest Update on the Future of Work at Citi On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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 talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. See here for a complete list of exchanges and delays. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive 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). Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. | 1 p.m. articles a month for anyone to read, even non-subscribers! Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. You may also find the annual proxy statement by going directly to the company's website. She took over as the first female chief executive of a major Wall Street bank in February 2021. Distribution and use of this material are governed by All quotes delayed a minimum of 15 minutes. 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. 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. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. Will Others Follow? Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq The "global . The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family 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 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Continue reading your article witha WSJ subscription, Already a member? 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However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Please. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. CITIGROUP INC Executive Salaries & Other Compensation - Salary.com Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. All quotes delayed a minimum of 15 minutes. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Far better than ending up as a troubled bank with a demotivated leader. As data privacy regulations around the Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. 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. Since Fraser took over the reins at Citi (. This information is according to proxy statements filed for the 2021 fiscal year. ET, Presented by studioID and Dun and Bradstreet, Webinar Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . ; 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 . For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Thorough reviews have been conducted to assure this data accurately reflects disclosures. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. | 2 p.m. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. our Subscriber Agreement and by copyright law. 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 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. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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. Coronavirus Tips Working and Protection. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Please disable your ad-blocker and refresh. Before joining Citi, Jane was a Partner at McKinsey & Company. 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. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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. Jane Fraser, Chief Executive Officer, Citi. Let Banking Dive's free newsletter keep you informed, straight from your inbox. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. read more. Jane Fraser - CEO - Citi | LinkedIn 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 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 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. 2023 NYP Holdings, Inc. 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