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 . 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. 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. CEO compensation has risen steadily since the late 1970s. 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. Jane Fraser's picture. 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. Shes the first female CEO of a major US bank. 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. See here for a complete list of exchanges and delays. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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 joining Citi, Jane was a Partner at McKinsey & Company. If you have an ad-blocker enabled you may be blocked from proceeding. It was a Friday. Will Others Follow? Jane Fraser net worth is estimated at around $25 million. Thats less sensible than it sounds. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. The industry leader for online information for tax, accounting and finance professionals. 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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. Type a symbol or company name. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Type a symbol or company name. 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. 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 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. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. But on Wall Street, she is a poor cousin. This report is not for commercial use. That could fuel analysts questions at TDs earnings call Thursday. 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 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. 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In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Before becoming CEO, she was . Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Musk Made a Mess at Twitter. (The author is a Reuters Breakingviews columnist. 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. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. - 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. John Foley for Do Not Sell My Personal Information (CA Residents Only). Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Fraser's compensation includes a $1.3 . Citis closest peer is JPMorgan, whose share return isnt meaningfully different. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Latest Update on the Future of Work at Citi. Copy and paste multiple symbols separated by spaces. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Since Fraser took over the reins at Citi (. All quotes delayed a minimum of 15 minutes. 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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. 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 Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. As data privacy regulations around the Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Continue reading your article witha WSJ subscription, Already a member? Is this happening to you frequently? 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The "global . Fraser was Citi's. That's down from 29% in the first year Citi reported the figures. Opinions expressed are those of the author. Bank of America boss Brian Moynihan is in line for $32 million. Thats up from 35% last year. Incentives matter too. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. March 24, 2021. Will His AI Plans Be Any Different? 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. read more. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. our Subscriber Agreement and by copyright law. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. She also set in motion a strategy last April to withdraw from 13 retail banking markets in the Eastern Hemisphere and later added Mexico to that list. 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. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. This information is according to proxy statements filed for the 2021 fiscal year. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. 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 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? Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. All quotes delayed a minimum of 15 minutes. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. 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. Vroom reports earnings. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Incentives matter too. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. 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. Far better than ending up as a troubled bank with a demotivated leader. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. This copy is for your personal, non-commercial use only. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. ET, Presented by studioID and Dun and Bradstreet, Webinar - 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. - 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. For non-personal use or to order multiple copies, please contact All rights reserved. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Ms Fraser's total pay in 2021 was $22.5 million. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. She is the. 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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Thanks for contacting us. Citi veteran Jane Fraser has been named Michael Corbat's successor. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. That was when it really hit me that . California Weighs $360,000 in Reparations to Eligible Black Residents. Citi picks Jane Fraser as next CEO first woman to lead the bank. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. 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