Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. See here for a complete list of exchanges and delays. Get started Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. This information is according to proxy statements filed for the 2021 fiscal 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Continue reading your article witha WSJ subscription, Already a member? In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Ms Fraser's total pay in 2021 was $22.5 million. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. CONTEXT NEWS. Copy and paste multiple symbols separated by spaces. It was a Friday. | 1 p.m. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. She took over as the first female chief executive of a major Wall Street bank in February 2021. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. 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. All proxy statements are public filings made available to the general public by the SEC. ET, Presented by studioID and Dun and Bradstreet, Webinar 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. "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. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. We've received your submission. If a company isnt doing well, its board and investors should want the best person to clean it up. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. The information shown here is a reporting of information included in the company's 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. Jane Fraser, Chief Executive Officer, Citi. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. read more. 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. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. See here for a complete list of exchanges and delays. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. | 2 p.m. Jennifer Surane. 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. That was when it really hit me that . All rights reserved. See here for a complete list of exchanges and delays. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. 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 She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. - 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Written by If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Reuters->. 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. 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. 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. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Her main source of income is from her primary work as a business executive and CEO. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Fraser's compensation includes a $1.3 . Want to share a company announcement with your peers? Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Vroom reports earnings. 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. Fraser was Citi's. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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 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. Our Standards: The Thomson Reuters Trust Principles. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. See here for a complete list of exchanges and delays. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Latest Update on the Future of Work at Citi. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Coronavirus Tips Working and Protection. For non-personal use or to order multiple copies, please contact 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). 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. 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. Please. On the surface, Citis performance explains the difference. . Since Fraser took over the reins at Citi (. 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. All quotes delayed a minimum of 15 minutes. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Do Not Sell My Personal Information (CA Residents Only). 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. Much of the attention surrounding Frasers pay may stem from her gender. As data privacy regulations around the 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. All quotes delayed a minimum of 15 minutes. 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. - 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. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. On the surface, Citis performance explains the difference. March 24, 2021. Feb. 28. 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. Subscribe to Banking Dive for top news, trends & analysis. She joined Citi in 2004 in the Corporate and Investment Banking division. That could fuel analysts questions at TDs earnings call Thursday. Fraser was Citis president and head of the consumer business for the 2020 pay period. Before becoming CEO, she was . On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Will Others Follow? 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. 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. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Incentives matter too. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Incentives matter too. Far better than ending up as a troubled bank with a demotivated leader. 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Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Type a symbol or company name. our Subscriber Agreement and by copyright law. Let Banking Dive's free newsletter keep you informed, straight from your inbox. . 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, 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. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. The information shown here is a reporting of information included in the company's proxy statement. She's the only CEO of a top-six U.S. bank to receive a raise last year. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses.
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