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. Please disable your ad-blocker and refresh. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. That could fuel analysts questions at TDs earnings call Thursday. 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 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%. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Jennifer Surane. 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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She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Since Fraser took over the reins at Citi (. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Is this happening to you frequently? CEO compensation has risen steadily since the late 1970s. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. She joined Citi in 2004 in the Corporate and Investment Banking division. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. articles a month for anyone to read, even non-subscribers! Opinions expressed are those of the author. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million Fraser's rise is the result of a multiyear effort at Citi, the $74. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Morgan Stanley shares were up around 25% over the same time. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Her main source of income is from her primary work as a business executive and CEO. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. CITIGROUP INC Executive Salaries & Other Compensation - Salary.com The Citi Blog - Latest Update on the Future of Work at Citi Citis closest peer is JPMorgan, whose share return isnt meaningfully different. our Subscriber Agreement and by copyright law. 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. On the surface, Citis performance explains the difference. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Fraser's compensation includes a $1.3 . While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Thats less sensible than it sounds. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Ms Fraser's total pay in 2021 was $22.5 million. 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. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 Citi veteran Jane Fraser has been named Michael Corbat's successor. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. See here for a complete list of exchanges and delays. 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. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her I vividly remember March 6 last year. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The information shown here is a reporting of information included in the company's proxy statement. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. All rights reserved. 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Fraser was Citi's. All quotes delayed a minimum of 15 minutes. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Our Standards: The Thomson Reuters Trust Principles. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. On the surface, Citis performance explains the difference. , 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 Subscribe to Banking Dive for top news, trends & analysis. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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. See here for a complete list of exchanges and delays. 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. Mr. 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). 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. 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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. 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. 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. Want to share a company announcement with your peers? - 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. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. - 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. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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 took over as the first female chief executive of a major Wall Street bank in February 2021. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Jane Fraser's picture. 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 Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. This information is according to proxy statements filed for the 2021 fiscal year. Fraser was Citis president and head of the consumer business for the 2020 pay period. Venture capitalists swap Paris Hilton for Al Gore, US blacklisting is no match for TikTok virality, Editing by Lauren Silva Laughlin and Sharon Lam, Theres hope beyond moaning for European telcos, Adani contrarian is a win for Hindenburg, too, Exclusive news, data and analytics for financial market professionals. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a Thorough reviews have been conducted to assure this data accurately reflects disclosures. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. (Editing by Lauren Silva Laughlin and Sharon Lam). You may also find the annual proxy statement by going directly to the company's website. Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com Reuters->. Bank of America boss Brian Moynihan is in line for $32 million. - 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. Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. We've received your submission. 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. Copy and paste multiple symbols separated by spaces. 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. But on Wall Street, she is a poor cousin. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Thats less sensible than it sounds. Get started Fraser's compensation includes a $1.3 million cash. 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. ET, Presented by studioID and Dun and Bradstreet, Webinar . Shes the first female CEO of a major US bank. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com Meet Citi's Next CEO & Learn How She Climbed to the Top Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO 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. 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Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. That was when it really hit me that . Chuck Klusman on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. This copy is for your personal, non-commercial use only. Will His AI Plans Be Any Different? Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. "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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. She's the only CEO of a top-six U.S. bank to receive a raise last year. Far better than ending up as a troubled bank with a demotivated leader. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family (The author is a Reuters Breakingviews columnist. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Half of Frasers non-base-pay compensation derives from the PSUs. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC 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. It was a Friday. Ms Fraser's total pay in 2021 was $22.5 million. 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. Citigroup's Jane Fraser to receive $12.5m pay grant In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million 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. Type a symbol or company name. Jane Fraser - CEO - Citi | LinkedIn 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 In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. This report is not for commercial use. Jane Fraser net worth is estimated at around $25 million. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job.