Far better than ending up as a troubled bank with a demotivated leader. 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 For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Vroom reports earnings. Will His AI Plans Be Any Different? 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 . Much of the attention surrounding Frasers pay may stem from her gender. 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 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. These symbols will be available throughout the site during your session. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. "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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Thats less sensible than it sounds. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Written by On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Type a symbol or company name. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. 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. - 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. 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. 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. 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. 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. CONTEXT NEWS. Copy and paste multiple symbols separated by spaces. 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. 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). 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 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. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. If a company isnt doing well, its board and investors should want the best person to clean it up. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Far better than ending up as a troubled bank with a demotivated leader. This copy is for your personal, non-commercial use only. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household https://www.census.gov/quickfacts/newyorkcitynewyork. Jennifer Surane. That's down from 29% in the first year Citi reported the figures. This report is not for commercial use. 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. - 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. On the surface, Citis performance explains the difference. Not the one that runs along gender lines though Fraser does get a third less than her male peers. CEO compensation has risen steadily since the late 1970s. - 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. Incentives matter too. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Our Standards: The Thomson Reuters Trust Principles. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. This information is according to proxy statements filed for the 2021 fiscal year. Jane Fraser, Chief Executive Officer, Citi. 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. If you have an ad-blocker enabled you may be blocked from proceeding. Female employees at the bank made 26% less than male employees as of January 2021, Sara Wechter, Citi's head of human resources, wrote in a blog post. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Reuters->. 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. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. - 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. Distribution and use of this material are governed by See here for a complete list of exchanges and delays. 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. All proxy statements are public filings made available to the general public by the SEC. The opinions expressed are his own.). 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. 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%. - 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Shes the first female CEO of a major US bank. We've received your submission. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. See here for a complete list of exchanges and delays. It was a Friday. Coronavirus Tips Working and Protection. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Musk Made a Mess at Twitter. 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. As data privacy regulations around the 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). | 1 p.m. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Thats less sensible than it sounds. 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. Thats up from 35% last year. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. John Foley for Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. For non-personal use or to order multiple copies, please contact Before becoming CEO, she was . Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. ; 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 . Fraser's compensation includes a $1.3 million cash. 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Her main source of income is from her primary work as a business executive and CEO. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Bank of America boss Brian Moynihan is in line for $32 million. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. All rights reserved. That could fuel analysts questions at TDs earnings call Thursday. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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. 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. She is the. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. But on Wall Street, she is a poor cousin. - 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 would leave China, Russia, Poland and Bahrain as well as Mexico as the markets from which Citi has yet to determine an exit plan. She's the only CEO of a top-six U.S. bank to receive a raise last year. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. I vividly remember March 6 last year. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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.