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 opinions expressed are his own.). 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. On the surface, Citis performance explains the difference. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Before becoming CEO, she was . In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Morgan Stanley shares were up around 25% over the same time. 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. (Editing by Lauren Silva Laughlin and Sharon Lam). Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. CEO compensation has risen steadily since the late 1970s. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. March 24, 2021. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Jane Fraser, Chief Executive Officer, Citi. 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. 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Far better than ending up as a troubled bank with a demotivated leader. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Coronavirus Tips Working and Protection. 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. 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 income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Fraser's compensation includes a $1.3 . Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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. See here for a complete list of exchanges and delays. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. I vividly remember March 6 last year. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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 information shown here is a reporting of information included in the company's proxy statement. 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. But on Wall Street, she is a poor cousin. It was a Friday. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. For non-personal use or to order multiple copies, please contact Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Copy and paste multiple symbols separated by spaces. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Incentives matter too. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Thats less sensible than it sounds. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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'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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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. 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Want to share a company announcement with your peers? Fraser was Citi's. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. She's the only CEO of a top-six U.S. bank to receive a raise last year. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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 must be sent to every shareholder in advance of the company's annual shareholders meeting. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. All rights reserved. Thats less sensible than it sounds. - 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Before joining Citi, Jane was a Partner at McKinsey & Company. Fraserwas paid $17.1 million for 2020. Mike Corbat, Citigroup's chief executive, was paid $24m last year. That could fuel analysts questions at TDs earnings call Thursday. 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. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. 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. 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. 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. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Half of Frasers non-base-pay compensation derives from the PSUs. 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 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. . - 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. She is the. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Written by The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Will His AI Plans Be Any Different? Jennifer Surane. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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%. Fraser's compensation includes a $1.3 million cash. 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 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. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. As data privacy regulations around the From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. The information shown here is a reporting of information included in the company's proxy statement. 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. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. Mr. Get started If a company isnt doing well, its board and investors should want the best person to clean it up. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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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. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. Do Not Sell My Personal Information (CA Residents Only). The industry leader for online information for tax, accounting and finance professionals. This copy is for your personal, non-commercial use only. Since Fraser took over the reins at Citi (. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Let Banking Dive's free newsletter keep you informed, straight from your inbox. John Foley for 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). Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Bank of America boss Brian Moynihan is in line for $32 million. 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. 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'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. Feb. 28. 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. 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. Is this happening to you frequently? On the surface, Citis performance explains the difference. 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. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. . Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. Jane Fraser's picture. All proxy statements are public filings made available to the general public by the SEC. ET, Presented by studioID and Dun and Bradstreet, Webinar Citi veteran Jane Fraser has been named Michael Corbat's successor. We've received your submission. You may also find the annual proxy statement by going directly to the company's website. Ms Fraser's total pay in 2021 was $22.5 million. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Type a symbol or company name. 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. Shes the first female CEO of a major US bank. 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. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. . Jane Fraser net worth is estimated at around $25 million. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. She also received $16,800 in other forms of compensation. Fraser's rise is the result of a multiyear effort at Citi, the $74. Ms Fraser's total pay in 2021 was $22.5 million. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. - 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. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Create your Watchlist to save your favorite quotes on Nasdaq.com. articles a month for anyone to read, even non-subscribers! That was when it really hit me that . "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. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. 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.