Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Incentives matter too. Citi picks Jane Fraser as next CEO first woman to lead the bank. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Subscribe to Banking Dive for top news, trends & analysis. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. - 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. CONTEXT NEWS. Will His AI Plans Be Any Different? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Jane Fraser's picture. 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. Is this happening to you frequently? 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's compensation includes a $1.3 million cash. These symbols will be available throughout the site during your session. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. ; While her compensation ranks well below industry leaders the CEOs of Morgan Stanley and Goldman Sachs each made $35 million last year the package represents a 31.2% raise over the $17.15 million Fraser made as Citi's second-highest-ranking executive in 2020, according to The Wall . If you have an ad-blocker enabled you may be blocked from proceeding. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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). 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 Stanley shares were up around 25% over the same time. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. "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. Since Fraser took over the reins at Citi (. Mike Corbat, Citigroup's chief executive, was paid $24m last year. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. | 1 p.m. 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. 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. Fraserwas paid $17.1 million for 2020. . CEO compensation has risen steadily since the late 1970s. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. As data privacy regulations around the Not the one that runs along gender lines though Fraser does get a third less than her male peers. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. She joined Citi in 2004 in the Corporate and Investment Banking division. All quotes delayed a minimum of 15 minutes. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Vroom reports earnings. All rights reserved. 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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. The industry leader for online information for tax, accounting and finance professionals. 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. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. 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. Ms Fraser's total pay in 2021 was $22.5 million. 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. 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. See here for a complete list of exchanges and delays. Our Standards: The Thomson Reuters Trust Principles. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. But on Wall Street, she is a poor cousin. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Reuters->. Type a symbol or company name. Half of Frasers non-base-pay compensation derives from the PSUs. We've received your submission. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Her main source of income is from her primary work as a business executive and CEO. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. I vividly remember March 6 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. 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. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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. Goldman Sachs Group IncCEO David Solomon and Morgan StanleyCEO James Gorman are both getting $35 million, while Brian Moynihan, CEO of Bank of America Corp, is receiving $32 million. 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. 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. The opinions expressed are his own.). JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Please. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. 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 income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Fraser was Citi's. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. It was a Friday. 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. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Fraser's rise is the result of a multiyear effort at Citi, the $74. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. . 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. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Want to share a company announcement with your peers? , 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 You may also find the annual proxy statement by going directly to the company's website. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. read more. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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.
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