Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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%. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol Is this happening to you frequently? 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. 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 INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. For non-personal use or to order multiple copies, please contact Fraser was Citi's. If a company isnt doing well, its board and investors should want the best person to clean it up. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Ms Fraser's total pay in 2021 was $22.5 million. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. CITIGROUP INC Executive Salaries & Other Compensation - Salary.com 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Citi's incoming CEO Jane Fraser forms new operating team to build Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. Continue reading your article witha WSJ subscription, Already a member? JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Bank of America boss Brian Moynihan is in line for $32 million. - 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. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 She received a total incentive award of ~$21.17M, including a cash incentive of $6.35M, deferred stock of $4.23M and performance share units of $10.58M. March 24, 2021. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Morgan Stanley shares were up around 25% over the same time. On the surface, Citis performance explains the difference. All rights reserved. As data privacy regulations around the CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com 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. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. All quotes delayed a minimum of 15 minutes. Coronavirus Tips Working and Protection. Jane Fraser's picture. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Type a symbol or company name. 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 information shown here is a reporting of information included in the company's proxy statement. 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. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million 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. Written by She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. 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). The Citi Blog - Latest Update on the Future of Work at Citi 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME Incentives matter too. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Citi picks Jane Fraser as next CEO first woman to lead the bank To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. , 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 Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. This report is not for commercial use. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her She took over as the first female chief executive of a major Wall Street bank in February 2021. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 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. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. ET, Presented by studioID and Dun and Bradstreet, Webinar As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Thats up from 35% last year. This information is according to proxy statements filed for the 2021 fiscal year. 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. 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. Citi pays Fraser $22.5M in her first year as CEO | Banking Dive As data privacy regulations around the Fraser's compensation includes a $1.3 . Fraserwas paid $17.1 million for 2020. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. 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 - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Reuters->. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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. 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. 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. You may also find the annual proxy statement by going directly to the company's website. Get started 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. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters Much of the attention surrounding Frasers pay may stem from her gender. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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 Bio, Age, Family, Husband, House, Salary, Net, Citigroup 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. (The author is a Reuters Breakingviews columnist. Bank of America boss Brian Moynihan is in line for $32 million. Incentives matter too. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Do Not Sell My Personal Information (CA Residents Only). 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. Please. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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). Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC If you have an ad-blocker enabled you may be blocked from proceeding. 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. 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million ; 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 . Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. That's down from 29% in the first year Citi reported the figures. Leadership Team - Jane Fraser | Citi Citigroup raises Fraser's pay by 32% after appointing her as CEO Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Will Others Follow? Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. The information shown here is a reporting of information included in the company's proxy statement. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Please disable your ad-blocker and refresh. Half of Frasers non-base-pay compensation derives from the PSUs. 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. Shes the first female CEO of a major US bank. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Before joining Citi, Jane was a Partner at McKinsey & Company. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Vroom reports earnings. She is the. Jane Fraser net worth is estimated at around $25 million. This report is not for commercial use. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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. CEO compensation has risen steadily since the late 1970s. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Chuck Klusman on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Jane Fraser - CEO - Citi | LinkedIn Thats less sensible than it sounds. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Get the free daily newsletter read by industry experts. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations.
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