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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. That could fuel analysts questions at TDs earnings call Thursday. 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. She is the. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. Ms Fraser's total pay in 2021 was $22.5 million. 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. Far better than ending up as a troubled bank with a demotivated leader. Create your Watchlist to save your favorite quotes on Nasdaq.com. Type a symbol or company name. Ms Fraser's pay rise has made her the only big US bank boss to receive a bump amid a challenging year for the industry. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. For non-personal use or to order multiple copies, please contact - 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 pays Fraser $22.5M in her first year as CEO | Banking Dive In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Want to share a company announcement with your peers? Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. 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. On the surface, Citis performance explains the difference. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Shes the first female CEO of a major US bank. Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO Jane Fraser | Chief Executive Officer, Citi - Citigroup Fraser was Citi's. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. (The author is a Reuters Breakingviews columnist. read more. California Weighs $360,000 in Reparations to Eligible Black Residents. 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). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. The Citi Blog - Latest Update on the Future of Work at Citi Jane Fraser - CEO - Citi | LinkedIn In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. Jane Fraser Bio, Age, Family, Husband, House, Salary, Net, Citigroup Incentives matter too. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. 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. Our Standards: The Thomson Reuters Trust Principles. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters Far better than ending up as a troubled bank with a demotivated leader. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Jane Fraser (executive) - Wikipedia - 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. Subscribe to Banking Dive for top news, trends & analysis. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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 PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Citi picks Jane Fraser as next CEO first woman to lead the bank 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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). In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Before joining Citi, Jane was a Partner at McKinsey & Company. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. It was a Friday. 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. 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. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes Is this happening to you frequently? Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq 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. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. All rights reserved. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. CEO compensation has risen steadily since the late 1970s. Thanks for contacting us. Fraser's compensation includes a $1.3 . Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her 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. our Subscriber Agreement and by copyright law. But on Wall Street, she is a poor cousin. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Citigroup's Jane Fraser to receive $12.5m pay grant The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Jane Fraser, Chief Executive Officer, Citi. Fraser's compensation includes a $1.3 million cash. Please. I vividly remember March 6 last year. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family 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). Morgan Stanley shares were up around 25% over the same time. Manish Sisodia's Custody Extended, CBI Told Not To Repeat Questions, In Karnataka, Arvind Kejriwal Twist To BJP's "Double-Engine Government", Flu Cases With Severe Symptoms Rise, Centre Issues Advisory: 10 Facts, "Grateful Adani Group Has Shown Faith In Australia": Ex PM Tony Abbott, "I Gave Up": Shark Tank Judge Namita Thapar Reveals Her Struggles With IVF, Here's How To Avoid Covid-Like Flu Sweeping Across India, "World's 1st" Bamboo Crash Barrier Installed In Maharashtra: Nitin Gadkari, Influencer Andrew Tate, Facing Human Trafficking Charges, Has Lung Cancer, Rajya Sabha MP Kapil Sibal Announces Platform To Fight Injustice. As data privacy regulations around the CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. On the surface, Citis performance explains the difference. All proxy statements are public filings made available to the general public by the SEC. John Foley for If you have an ad-blocker enabled you may be blocked from proceeding. Type a symbol or company name. ET, Presented by studioID and Dun and Bradstreet, Webinar Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive CITIGROUP INC Executive Salaries & Other Compensation - Salary.com To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. articles a month for anyone to read, even non-subscribers! Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. All quotes delayed a minimum of 15 minutes. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on Meet Citi's Next CEO & Learn How She Climbed to the Top You may also find the annual proxy statement by going directly to the company's website. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Reuters->. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Fraser's compensation package for 2023 includes a base salary of $1.5 million, a cash incentive of $3.45 million, and deferred incentives of $8.05 million in deferred stock and $11.5 million in performance share units. Jane Fraser's picture. 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. Bank of America boss Brian Moynihan is in line for $32 million. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Ms Fraser's total pay in 2021 was $22.5 million. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. The information shown here is a reporting of information included in the company's proxy statement. 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. Jane Fraser net worth is estimated at around $25 million. 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 . 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Distribution and use of this material are governed by Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Thats less sensible than it sounds. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Bank of America boss Brian Moynihan is in line for $32 million. 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. 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. 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Ms Fraser's total pay in 2021 was $22.5 million. 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. 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. . Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Coronavirus Tips Working and Protection. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. . NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Half of Frasers non-base-pay compensation derives from the PSUs. - 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. Fraserwas paid $17.1 million for 2020. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Thats less sensible than it sounds. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a The "global . To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. 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. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. These symbols will be available throughout the site during your session. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. She also received $16,800 in other forms of compensation. We've received your submission. Leadership Team - Jane Fraser | Citi You may also find the annual proxy statement by going directly to the company's website. , 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 The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. In her first year as CEO, Jane Fraser quickly set to work on a strategic refresh and announced plans to shed consumer banking assets around the globe. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5