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She joined Citi in 2004 in the Corporate and Investment Banking division. On the surface, Citis performance explains the difference. 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. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. ET, Presented by studioID and Dun and Bradstreet, Webinar 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? 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. 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. | 2 p.m. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Thats up from 35% last year. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. 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. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. - 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. CONTEXT NEWS. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. See here for a complete list of exchanges and delays. Before becoming CEO, she was . She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. As data privacy regulations around the 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 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 Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. I vividly remember March 6 last year. (The author is a Reuters Breakingviews columnist. Not the one that runs along gender lines though Fraser does get a third less than her male peers. It was a Friday. This report is not for commercial use. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. The information shown here is a reporting of information included in the company's proxy statement. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Thats less sensible than it sounds. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. ; 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 . 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Let Banking Dive's free newsletter keep you informed, straight from your inbox. The opinions expressed are his own.). 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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Not the one that runs along gender lines though Fraser does get a third less than her male peers. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. That could fuel analysts questions at TDs earnings call Thursday. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Ms Fraser's total pay in 2021 was $22.5 million. This copy is for your personal, non-commercial use only. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. "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. Citi picks Jane Fraser as next CEO first woman to lead the bank. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Do Not Sell My Personal Information (CA Residents Only). Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. . Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Subscribe to Banking Dive for top news, trends & analysis. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. . Incentives matter too. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Thats less sensible than it sounds. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Thanks for contacting us. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. The "global . Thorough reviews have been conducted to assure this data accurately reflects disclosures. Ms Fraser's total pay in 2021 was $22.5 million. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Shes the first female CEO of a major US bank. Half of Frasers non-base-pay compensation derives from the PSUs. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. You may also find the annual proxy statement by going directly to the company's website. If you have an ad-blocker enabled you may be blocked from proceeding. . For non-personal use or to order multiple copies, please contact Reuters->. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Bank of America boss Brian Moynihan is in line for $32 million. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Type a symbol or company name. Our Standards: The Thomson Reuters Trust Principles. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Far better than ending up as a troubled bank with a demotivated leader. 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%. We've received your submission. If a company isnt doing well, its board and investors should want the best person to clean it up. - 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 industry leader for online information for tax, accounting and finance professionals. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. 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 addresses Brazil-US Business Council forum in Washington, DC in March 2019. Vroom reports earnings. March 24, 2021. All proxy statements are public filings made available to the general public by the SEC. Her main source of income is from her primary work as a business executive and CEO. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. Want to share a company announcement with your peers? 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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. Opinions expressed are those of the author.