The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. (Editing by Lauren Silva Laughlin and Sharon Lam). For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Citi veteran Jane Fraser has been named Michael Corbat's successor. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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. - 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. See here for a complete list of exchanges and delays. 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. Ms Fraser's total pay in 2021 was $22.5 million. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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%. 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. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. (The author is a Reuters Breakingviews columnist. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Feb. 28. 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. Bank of America boss Brian Moynihan is in line for $32 million. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Much of the attention surrounding Frasers pay may stem from her gender. 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. 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 . Reuters->. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. 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. She joined Citi in 2004 in the Corporate and Investment Banking division. 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). 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. 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. 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. Distribution and use of this material are governed by Coronavirus Tips Working and Protection. The opinions expressed are his own.). 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. Want to share a company announcement with your peers? Bank of America boss Brian Moynihan is in line for $32 million. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. our Subscriber Agreement and by copyright law. Before becoming CEO, she was . 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Please disable your ad-blocker and refresh. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Please. Far better than ending up as a troubled bank with a demotivated leader. Our Standards: The Thomson Reuters Trust Principles. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Thats less sensible than it sounds. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Since Fraser took over the reins at Citi (. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Written by "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. 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. CEO compensation has risen steadily since the late 1970s. 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. This information is according to proxy statements filed for the 2021 fiscal year. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. On the surface, Citis performance explains the difference. See here for a complete list of exchanges and delays. 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. Incentives matter too. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Jennifer Surane. You may also find the annual proxy statement by going directly to the company's website. Ms Fraser's total pay in 2021 was $22.5 million. Not the one that runs along gender lines though Fraser does get a third less than her male peers. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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 quotes delayed a minimum of 15 minutes. Get started On the surface, Citis performance explains the difference. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Is this happening to you frequently? 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. This copy is for your personal, non-commercial use only. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Thats up from 35% last year. 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. | 2 p.m. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The information shown here is a reporting of information included in the company's proxy statement. She also received $16,800 in other forms of compensation. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Jane Fraser's picture. 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). Vroom reports earnings. 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. Ms Fraser's total pay in 2021 was $22.5 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. - 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 majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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. All proxy statements are public filings made available to the general public by the SEC. 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? For non-personal use or to order multiple copies, please contact 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. California Weighs $360,000 in Reparations to Eligible Black Residents. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Morgan Stanley shares were up around 25% over the same time. If a company isnt doing well, its board and investors should want the best person to clean it up. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. All rights reserved. Let Banking Dive's free newsletter keep you informed, straight from your inbox. That could fuel analysts questions at TDs earnings call Thursday. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. articles a month for anyone to read, even non-subscribers! But Frasers firm is less efficient, slower-growing and earns a lower return on equity. See here for a complete list of exchanges and delays. 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. Type a symbol or company name. Her main source of income is from her primary work as a business executive and CEO. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. CONTEXT NEWS. Citigroup said on Tuesday it provides regulators with its plans and progress on remediation efforts on an ongoing basis and is working constructively with the regulators to take their feedback. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. I vividly remember March 6 last year. 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. . Thorough reviews have been conducted to assure this data accurately reflects disclosures. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. 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. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. 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 When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. That's down from 29% in the first year Citi reported the figures. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Thanks for contacting us. Incentives matter too. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. - 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. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. March 24, 2021. Fraser's 2022 pay package included a $1.5 million salary, a $3.45 million cash bonus and $19.6 million in stock awards, per Bloomberg. 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. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. We've received your submission. 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. 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). Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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