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. 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. 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. ; 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 . She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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. 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). (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Will Others Follow? Will His AI Plans Be Any Different? - 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. John Foley for 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 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. , 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 chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. 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. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. See here for a complete list of exchanges and delays. "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. All proxy statements are public filings made available to the general public by the SEC. 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Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Before becoming CEO, she was . Incentives matter too. 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. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Far better than ending up as a troubled bank with a demotivated leader. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Shes the first female CEO of a major US bank. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Get the free daily newsletter read by industry experts. CEO compensation has risen steadily since the late 1970s. Our Standards: The Thomson Reuters Trust Principles. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Thanks for contacting us. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Vroom reports earnings. Feb. 28. See here for a complete list of exchanges and delays. That was when it really hit me that . Please. Distribution and use of this material are governed by 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. 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 Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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. 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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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. The industry leader for online information for tax, accounting and finance professionals. - 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. 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. Our Standards: The Thomson Reuters Trust Principles. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. This copy is for your personal, non-commercial use only. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. If a company isnt doing well, its board and investors should want the best person to clean it up. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. See here for a complete list of exchanges and delays. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. She is the. Half of Frasers non-base-pay compensation derives from the PSUs. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Fraser's rise is the result of a multiyear effort at Citi, the $74. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Ms Fraser's total pay in 2021 was $22.5 million. 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. 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. 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. The "global . 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Want to share a company announcement with your peers? 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. 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. Citigroup Inc. awarded Chief Executive Officer Jane Fraser $22.5 million for her work in 2021 after she assumed the top job in February and helped guide the bank through regulatory hurdles. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. our Subscriber Agreement and by copyright law. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. It was a Friday. Citi veteran Jane Fraser has been named Michael Corbat's successor. The opinions expressed are his own.). 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. 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. 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. 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. Ms Fraser's total pay in 2021 was $22.5 million. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Please disable your ad-blocker and refresh. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Jane Fraser, Chief Executive Officer, Citi. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the 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. | 1 p.m. She took over as the first female chief executive of a major Wall Street bank in February 2021. She also received $16,800 in other forms of compensation. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Do Not Sell My Personal Information (CA Residents Only). Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Ms Fraser's total pay in 2021 was $22.5 million. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. For non-personal use or to order multiple copies, please contact 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. Written by Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. All rights reserved. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Thats less sensible than it sounds. articles a month for anyone to read, even non-subscribers! California Weighs $360,000 in Reparations to Eligible Black Residents. But on Wall Street, she is a poor cousin. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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. Since Fraser took over the reins at Citi (. You may also find the annual proxy statement by going directly to the company's website. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Thats less sensible than it sounds. Jennifer Surane. . You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. Get started Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Incentives matter too. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. - 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. 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. Copy and paste multiple symbols separated by spaces. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. 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 estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. The information shown here is a reporting of information included in the company's proxy statement. 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. This information is according to proxy statements filed for the 2021 fiscal year. That's down from 29% in the first year Citi reported the figures. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Before joining Citi, Jane was a Partner at McKinsey & Company. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy.