For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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. Jane Fraser's picture. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. CEO compensation has risen steadily since the late 1970s. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. These symbols will be available throughout the site during your session. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. - 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. 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. Incentives matter too. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. "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. On the surface, Citis performance explains the difference. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. That was when it really hit me that . To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. 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. The opinions expressed are his own.). Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Jennifer Surane. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. read more. - 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Her main source of income is from her primary work as a business executive and CEO. 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 Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. Before joining Citi, Jane was a Partner at McKinsey & Company. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. our Subscriber Agreement and by copyright law. 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American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. John Foley for The "global . - 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. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Much of the attention surrounding Frasers pay may stem from her gender. Jane Fraser net worth is estimated at around $25 million. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. Opinions expressed are those of the author. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Will His AI Plans Be Any Different? 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Do Not Sell My Personal Information (CA Residents Only). 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. The information shown here is a reporting of information included in the company's proxy statement. 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. 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. , 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 Since Fraser took over the reins at Citi (. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Citi veteran Jane Fraser has been named Michael Corbat's successor. See here for a complete list of exchanges and delays. 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. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Morgan Stanley shares were up around 25% over the same time. 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. 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. March 24, 2021. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. Please disable your ad-blocker and refresh. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Coronavirus Tips Working and Protection. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. All quotes delayed a minimum of 15 minutes. 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. See here for a complete list of exchanges and delays. 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. Far better than ending up as a troubled bank with a demotivated leader. 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. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. ; 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 . Citi picks Jane Fraser as next CEO first woman to lead the bank. She joined Citi in 2004 in the Corporate and Investment Banking division. | 1 p.m. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. Fraser's compensation includes a $1.3 million cash. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Incentives matter too. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Fraser's compensation includes a $1.3 . ET, Presented by studioID and Dun and Bradstreet, Webinar We've received your submission. 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 . 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Will Others Follow? 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 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. 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. 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. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses.
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