But on Wall Street, she is a poor cousin. Her main source of income is from her primary work as a business executive and CEO. All proxy statements are public filings made available to the general public by the SEC. . JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. See here for a complete list of exchanges and delays. 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. Is this happening to you frequently? Citis closest peer is JPMorgan, whose share return isnt meaningfully different. The "global . Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Bank of America boss Brian Moynihan is in line for $32 million. Fraser's compensation includes a $1.3 million cash. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. CONTEXT NEWS. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. Ms Fraser's total pay in 2021 was $22.5 million. 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. 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. . She is the. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Thorough reviews have been conducted to assure this data accurately reflects disclosures. See here for a complete list of exchanges and delays. This copy is for your personal, non-commercial use only. 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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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The information shown here is a reporting of information included in the company's proxy statement. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Jane Fraser, Chief Executive Officer, Citi. Thats up from 35% last year. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. All quotes delayed a minimum of 15 minutes. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Far better than ending up as a troubled bank with a demotivated leader. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. But on Wall Street, she is a poor cousin. If you have an ad-blocker enabled you may be blocked from proceeding. Citi picks Jane Fraser as next CEO first woman to lead the bank. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. 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%. 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. Thanks for contacting us. She also received $16,800 in other forms of compensation. 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. 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. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. For non-personal use or to order multiple copies, please contact As data privacy regulations around the If a company isnt doing well, its board and investors should want the best person to clean it up. 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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Incentives matter too. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. March 24, 2021. 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. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. 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. That's down from 29% in the first year Citi reported the figures. 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. That was when it really hit me that . our Subscriber Agreement and by copyright law. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Jennifer Surane. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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. Do Not Sell My Personal Information (CA Residents Only). She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. See here for a complete list of exchanges and delays. Thorough reviews have been conducted to assure this data accurately reflects disclosures. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. 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. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. - 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. Our Standards: The Thomson Reuters Trust Principles. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. (Editing by Lauren Silva Laughlin and Sharon Lam). 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Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. All rights reserved. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. As data privacy regulations around the But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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 annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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 bank paid Fraser $22.5mn for her work in 2021, when she took over as CEO at the end of February, replacing Mike Corbat, reported Financial Times. | 2 p.m. The opinions expressed are his own.). Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Type a symbol or company name. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. It was a Friday. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. 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. 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. 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. On the surface, Citis performance explains the difference. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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 industry leader for online information for tax, accounting and finance professionals. 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. 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. Before joining Citi, Jane was a Partner at McKinsey & Company. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Incentives matter too. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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. 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 Bank of America boss Brian Moynihan is in line for $32 million. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Ms Fraser's total pay in 2021 was $22.5 million. Copy and paste multiple symbols separated by spaces. Fraser's compensation includes a $1.3 . - 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. This report is not for commercial use. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. This report is not for commercial use. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Fraser was Citi's. 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. Will His AI Plans Be Any Different? You may also find the annual proxy statement by going directly to the company's website. 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. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Fraserwas paid $17.1 million for 2020. Morgan Stanley shares were up around 25% over the same time. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. ET, Presented by studioID and Dun and Bradstreet, Webinar Morgan Stanley shares were up around 25% over the same time. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. 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. Vroom reports earnings. 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.