Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Fraser's compensation includes a $1.3 . 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. Far better than ending up as a troubled bank with a demotivated leader. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. articles a month for anyone to read, even non-subscribers! That could fuel analysts questions at TDs earnings call Thursday. 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. 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. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Fraser's compensation includes a $1.3 million cash. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. All proxy statements are public filings made available to the general public by the SEC. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior 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. It was a Friday. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. our Subscriber Agreement and by copyright law. Jane Fraser - CEO - Citi | LinkedIn If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Her main source of income is from her primary work as a business executive and CEO. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. This copy is for your personal, non-commercial use only. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 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. Will His AI Plans Be Any Different? John Foley for JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. Do Not Sell My Personal Information (CA Residents Only). The information shown here is a reporting of information included in the company's proxy statement. 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. She joined Citi in 2004 in the Corporate and Investment Banking division. Citi's incoming CEO Jane Fraser forms new operating team to build (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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. Subscribe to Banking Dive for top news, trends & analysis. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Opinions expressed are those of the author. Since Fraser took over the reins at Citi (. , 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 Thats less sensible than it sounds. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. See here for a complete list of exchanges and delays. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. But on Wall Street, she is a poor cousin. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Citi pays Fraser $22.5M in her first year as CEO | Banking Dive 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. | 1 p.m. These symbols will be available throughout the site during your session. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post 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. 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. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC She took over as the first female chief executive of a major Wall Street bank in February 2021. Fraser was Citi's. 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. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. She's the only CEO of a top-six U.S. bank to receive a raise last year. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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You may also find the annual proxy statement by going directly to the company's website. - 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full 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. 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. 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. Our Standards: The Thomson Reuters Trust Principles. 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. 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. 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. 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. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. . She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Citigroup raises Fraser's pay by 32% after appointing her as CEO Mr. All quotes delayed a minimum of 15 minutes. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million 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%. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. 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It Will Be a Tough Job. - Moneycontrol 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. California Weighs $360,000 in Reparations to Eligible Black Residents. "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. 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). I vividly remember March 6 last year. Citi picks Jane Fraser as next CEO first woman to lead the bank As data privacy regulations around the As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Jane Fraser, Chief Executive Officer, Citi. 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. Incentives matter too. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. CONTEXT NEWS. Citi picks Jane Fraser as next CEO first woman to lead the bank. For non-personal use or to order multiple copies, please contact Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Ms Fraser's total pay in 2021 was $22.5 million. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. ET, First Horizon warns TD deal may be in limbo, Citi to cut hundreds of investment banking, mortgage, tech jobs: reports, Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle, JPMorgan decries fishing expedition in Epstein case, How Banks are Better Navigating Industry Changes, Winning banking customer service in the COVID era, The rise of imitation banks may lead to regulatory scrutiny, Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts, N26 head of risk quits in escalating leadership crisis, How to Deliver Cost Savings While Improving Service in the Banking World, 2023 Economic Insight & Best Practices in Financial Risk Management, How to Decrease Errors & Fraud in Financial Institutions, Protecting your Financial Institution from Mobile Fraud Schemes in 2023, First Fidelity Bank enters BaaS space with Episode Six partnership, Ohio bank reaches $9M redlining settlement with DOJ, Goldman pins its hopes on asset and wealth management, While her compensation ranks well below industry leaders the CEOs of, Frasers $22.5 million for 2021 is also 18.2% more than the. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. Citigroup's Jane Fraser to receive $12.5m pay grant JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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). She also received $16,800 in other forms of compensation. Want to share a company announcement with your peers? Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Reuters->. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a
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