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. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Thats less sensible than it sounds. Shes the first female CEO of a major US bank. 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 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. On the surface, Citis performance explains the difference. The Citi Blog - Latest Update on the Future of Work at Citi Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME 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. California Weighs $360,000 in Reparations to Eligible Black Residents. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Citi picks Jane Fraser as next CEO first woman to lead the bank. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family Thats up from 35% last year. Before becoming CEO, she was . In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Jane Fraser (executive) - Wikipedia Type a symbol or company name. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Morgan Stanley shares were up around 25% over the same time. CONTEXT NEWS. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Far better than ending up as a troubled bank with a demotivated leader. - 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's picture. All quotes delayed a minimum of 15 minutes. 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. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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). Mr. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. 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. Citigroup raises Fraser's pay by 32% after appointing her as CEO Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million Since Fraser took over the reins at Citi (. Jennifer Surane. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Fraser's compensation includes a $1.3 million cash. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. The information shown here is a reporting of information included in the company's proxy statement. Ms Fraser's total pay in 2021 was $22.5 million. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Type a symbol or company name. Citi paid CEO Jane Fraser $24.5 million for 2022, an 8.9% increase over the $22.5 million she made the previous year, according to a filing the bank made Tuesday with the Securities and Exchange Commission. - 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. 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Written by 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's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. . The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. The industry leader for online information for tax, accounting and finance professionals. John Foley for Distribution and use of this material are governed by Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. This copy is for your personal, non-commercial use only. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Thats less sensible than it sounds. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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 . Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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 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. On the surface, Citis performance explains the difference. Is this happening to you frequently? Subscribe to Banking Dive for top news, trends & analysis. The industry leader for online information for tax, accounting and finance professionals. 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. All rights reserved. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. If you have an ad-blocker enabled you may be blocked from proceeding. As data privacy regulations around the It was a Friday. Jane Fraser Bio, Age, Family, Husband, House, Salary, Net, Citigroup 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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. ; 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 . Please. Morgan Stanley shares were up around 25% over the same time. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. 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. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. | 2 p.m. The opinions expressed are his own.). (The author is a Reuters Breakingviews columnist. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. 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. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? 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. 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. This report is not for commercial use. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full 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. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Let Banking Dive's free newsletter keep you informed, straight from your inbox. - 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. 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. 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. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Not the one that runs along gender lines though Fraser does get a third less than her male peers. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Jane Fraser Net Worth (2022) | wallmine But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Much of the attention surrounding Frasers pay may stem from her gender. Incentives matter too. You may also find the annual proxy statement by going directly to the company's website. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Want to share a company announcement with your peers? 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). (Editing by Lauren Silva Laughlin and Sharon Lam). Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. I vividly remember March 6 last year. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. , 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 See here for a complete list of exchanges and delays. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 Continue reading your article witha WSJ subscription, Already a member? This information is according to proxy statements filed for the 2021 fiscal year. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. The "global . Fraser was Citi's. Jane Fraser, Chief Executive Officer, Citi. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. CITIGROUP INC Executive Salaries & Other Compensation - Salary.com Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN our Subscriber Agreement and by copyright law. 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. 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. - 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. All proxy statements are public filings made available to the general public by the SEC. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Fraser's rise is the result of a multiyear effort at Citi, the $74. CEO compensation has risen steadily since the late 1970s. Jane Fraser | Chief Executive Officer, Citi - Citigroup The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. "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. Bank of America boss Brian Moynihan is in line for $32 million. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. 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. 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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.