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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. - 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. 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. "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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The information shown here is a reporting of information included in the company's proxy statement. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Latest Update on the Future of Work at Citi. If you have an ad-blocker enabled you may be blocked from proceeding. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq CITIGROUP INC Executive Salaries & Other Compensation - Salary.com https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Our Standards: The Thomson Reuters Trust Principles. 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 majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Type a symbol or company name. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. But on Wall Street, she is a poor cousin. Jane Fraser's picture. 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, Chief Executive Officer, Citi. These symbols will be available throughout the site during your session. | 1 p.m. The Citi Blog - Latest Update on the Future of Work at Citi Citi picks Jane Fraser as next CEO first woman to lead the bank. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. (The author is a Reuters Breakingviews columnist. articles a month for anyone to read, even non-subscribers! 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. Ms Fraser's total pay in 2021 was $22.5 million. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. See here for a complete list of exchanges and delays. Bank of America boss Brian Moynihan is in line for $32 million. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. See here for a complete list of exchanges and delays. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Jane Fraser | Chief Executive Officer, Citi - Citigroup However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . The opinions expressed are his own.). Will His AI Plans Be Any Different? 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. Opinions expressed are those of the author. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. All proxy statements are public filings made available to the general public by the SEC. 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She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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. 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. Type a symbol or company name. 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. This information is according to proxy statements filed for the 2021 fiscal year. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. ET, Presented by studioID and Dun and Bradstreet, Webinar CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Reuters->. CEO compensation has risen steadily since the late 1970s. All quotes delayed a minimum of 15 minutes. 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. 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. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. - 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. She took over as the first female chief executive of a major Wall Street bank in February 2021. On the surface, Citis performance explains the difference. 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. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Citi's incoming CEO Jane Fraser forms new operating team to build Citi's Jane Fraser embodies Wall Street's pay gap | Reuters The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Ms Fraser's total pay in 2021 was $22.5 million. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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. Citigroup's Jane Fraser to receive $12.5m pay grant NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. . In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Mr. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. This report is not for commercial use. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. You may also find the annual proxy statement by going directly to the company's website. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. All rights reserved. The industry leader for online information for tax, accounting and finance professionals. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Thats less sensible than it sounds. 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. Fraser was Citi's. 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%. ; 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 . . Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Distribution and use of this material are governed by Thorough reviews have been conducted to assure this data accurately reflects disclosures. She joined Citi in 2004 in the Corporate and Investment Banking division. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million 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. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. See here for a complete list of exchanges and delays. Jane Fraser (executive) - Wikipedia 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 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Continue reading your article witha WSJ subscription, Already a member? Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. 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. Bank of America boss Brian Moynihan is in line for $32 million. 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. - 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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 Thanks for contacting us. 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. 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. Get the free daily newsletter read by industry experts. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. - 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. - 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. Morgan Stanley shares were up around 25% over the same time. 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. 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We've received your submission. 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). 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. Ms Fraser's total pay in 2021 was $22.5 million. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing.