American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. See here for a complete list of exchanges and delays. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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 on LinkedIn: Citi CEO Jane Fraser shares her perspective on For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. This copy is for your personal, non-commercial use only. She joined Citi in 2004 in the Corporate and Investment Banking division. 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 addresses Brazil-US Business Council forum in Washington, DC in March 2019. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Copy and paste multiple symbols separated by spaces. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Thats up from 35% last year. The information shown here is a reporting of information included in the company's proxy statement. Jane Fraser net worth is estimated at around $25 million. - 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. On the surface, Citis performance explains the difference. It was a Friday. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. As data privacy regulations around the When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Since Fraser took over the reins at Citi (. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. California Weighs $360,000 in Reparations to Eligible Black Residents. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Before becoming CEO, she was . 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. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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? As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. 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. Get the free daily newsletter read by industry experts. I vividly remember March 6 last year. If a company isnt doing well, its board and investors should want the best person to clean it up. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Chuck Klusman on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. That's down from 29% in the first year Citi reported the figures. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Latest Update on the Future of Work at Citi. Far better than ending up as a troubled bank with a demotivated leader. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Coronavirus Tips Working and Protection. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Fraserwas paid $17.1 million for 2020. Far better than ending up as a troubled bank with a demotivated leader. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. articles a month for anyone to read, even non-subscribers! Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Shes the first female CEO of a major US bank. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post 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. Half of Frasers non-base-pay compensation derives from the PSUs. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million This report is not for commercial use. Jennifer Surane. Her main source of income is from her primary work as a business executive and CEO. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. March 24, 2021. Opinions expressed are those of the author. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 Mr. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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. The industry leader for online information for tax, accounting and finance professionals. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. John Foley for In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Ms Fraser's total pay in 2021 was $22.5 million. 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Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. Type a symbol or company name. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Jane Fraser, Chief Executive Officer, Citi. 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. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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 the head of its consumer businesses, the bank disclosed on Monday. Citigroup's Jane Fraser to receive $12.5m pay grant That was when it really hit me that . 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. 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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 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. - 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. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq All proxy statements are public filings made available to the general public by the SEC. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Fraser's compensation includes a $1.3 . Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. We've received your submission. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. 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. Will His AI Plans Be Any Different? Mike Corbat, Citigroup's chief executive, was paid $24m last year. Meet Citi's Next CEO & Learn How She Climbed to the Top Do Not Sell My Personal Information (CA Residents Only). Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC 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 . 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. These symbols will be available throughout the site during your session. 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 its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Our Standards: The Thomson Reuters Trust Principles. Jane Fraser (executive) - Wikipedia Fraser was Citis president and head of the consumer business for the 2020 pay period. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. The information shown here is a reporting of information included in the company's proxy statement. 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. Distribution and use of this material are governed by (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Continue reading your article witha WSJ subscription, Already a member? However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. CONTEXT NEWS. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Citi veteran Jane Fraser has been named Michael Corbat's successor. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Written by Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her All rights reserved. Thats less sensible than it sounds. 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. - 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. Thanks for contacting us. 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. 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. 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. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. She also received $16,800 in other forms of compensation. All quotes delayed a minimum of 15 minutes. 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. 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. For non-personal use or to order multiple copies, please contact She is the. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive On the surface, Citis performance explains the difference. 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. 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. Jane Fraser - CEO - Citi | LinkedIn 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%. Reuters->. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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. (Editing by Lauren Silva Laughlin and Sharon Lam). The industry leader for online information for tax, accounting and finance professionals. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. The opinions expressed are his own.). https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. ET, Presented by studioID and Dun and Bradstreet, Webinar 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. Our Standards: The Thomson Reuters Trust Principles. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Will Others Follow? 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.
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