- Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Jennifer Surane. Fraserwas paid $17.1 million for 2020. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Fraser's compensation includes a $1.3 . Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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. Is this happening to you frequently? Copy and paste multiple symbols separated by spaces. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. All rights reserved. That was when it really hit me that . Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Thats up from 35% last year. Far better than ending up as a troubled bank with a demotivated leader. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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's total pay in 2021 was $22.5 million. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. She is the. For non-personal use or to order multiple copies, please contact Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. On the surface, Citis performance explains the difference. 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). The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Thats less sensible than it sounds. Bank of America boss Brian Moynihan is in line for $32 million. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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 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. Vroom reports earnings. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. 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. The industry leader for online information for tax, accounting and finance professionals. articles a month for anyone to read, even non-subscribers! The bank paid Fraser $22.5mn for her work in 2021, when she took over as CEO at the end of February, replacing Mike Corbat, reported Financial Times. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. CEO compensation has risen steadily since the late 1970s. 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 has been tasked with simplifying the banks structure and getting its profitability on par with rivals. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. On the surface, Citis performance explains the difference. 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. 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. 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. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. But on Wall Street, she is a poor cousin. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. This copy is for your personal, non-commercial use only. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. But on Wall Street, she is a poor cousin. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. ET, Presented by studioID and Dun and Bradstreet, Webinar Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Coronavirus Tips Working and Protection. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. 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). Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. Incentives matter too. - 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. - 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. Before becoming CEO, she was . 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. These symbols will be available throughout the site during your session. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. "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. Get the free daily newsletter read by industry experts. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Thorough reviews have been conducted to assure this data accurately reflects disclosures. As data privacy regulations around the Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. (Editing by Lauren Silva Laughlin and Sharon Lam). Jane Fraser's picture. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. read more. This report is not for commercial use. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. Incentives matter too. Mike Corbat, Citigroup's chief executive, was paid $24m last year. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. 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. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Half of Frasers non-base-pay compensation derives from the PSUs. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Subscribe to Banking Dive for top news, trends & analysis. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. John Foley for Much of the attention surrounding Frasers pay may stem from her gender. Thats less sensible than it sounds. 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. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. - 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. 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. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. I vividly remember March 6 last year. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. You may also find the annual proxy statement by going directly to the company's website. The information shown here is a reporting of information included in the company's proxy statement. , 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