Type a symbol or company name. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Thats up from 35% last year. Far better than ending up as a troubled bank with a demotivated leader. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Fraserwas paid $17.1 million for 2020. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. CEO compensation has risen steadily since the late 1970s. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Her main source of income is from her primary work as a business executive and CEO. 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. 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? See here for a complete list of exchanges and delays. 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 author is a Reuters Breakingviews columnist. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. CONTEXT NEWS. 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. | 2 p.m. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. 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. 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. See here for a complete list of exchanges and delays. On the surface, Citis performance explains the difference. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Morgan Stanley shares were up around 25% over the same time. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Citigroup Chief Executive Jane Fraser will take home total compensation of $22.5 million for 2021 a nearly 32% increase from the previous year, the bank said Monday. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. All proxy statements are public filings made available to the general public by the SEC. "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. Reuters->. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. 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. Please disable your ad-blocker and refresh. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. - 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. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. read more. That's down from 29% in the first year Citi reported the figures. 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. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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. Incentives matter too. 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. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, iPhone Maker Plans $700 Million India Plant in Shift From China, Stock Traders Are Ignoring Blaring Bond Alarms, S&P 500 Notches Best Week Since Late January: Markets Wrap. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. She is the. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Far better than ending up as a troubled bank with a demotivated leader. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. On the surface, Citis performance explains the difference. Thats less sensible than it sounds. 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. Jane Fraser net worth is estimated at around $25 million. Coronavirus Tips Working and Protection. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The opinions expressed are his own.). Distribution and use of this material are governed by Watch: YouTuber Destroys Lamborghini Worth Over Rs 3 Crore Because Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million, US Banking Giants Face Over $1 Billion in Fines Over Unauthorised Email, WhatsApp Use, Citi Trader's Error Wiped Out $315 Billion From Europe Stocks In Minutes, Citi Is Next Among International Banks Scaling Down India Operations, For Rs 24 Lakh A Year, You Can Now Live On A Cruise Ship, UP Man Arrested For Raping Relative, Posting Her Nude Pictures Online, BRS Leader K Kavitha To Hold Protest In Delhi On March 10 To Demand Women's Reservation Bill, WPL Opening Ceremony: Kiara, Kriti, AP Dhillon Set Stage On Fire, Watch: Kiara Advani, Kriti Sanon And AP Dhillon Thrill In WPL 2023 Opening, Watch: Stump Mic Catches Iyer's Hilarious Comment On Head's Stance, WPL Live: Matthews Departs For 47, Mumbai Indians 3 Down vs Gujarat Giants, "Ready To Talk, But": Himanta Sarma To Ex Royal's Party (Tipra Motha), "Forget Bumrah": India Star's Blunt Remark On Pacer's Prolonged Absence, US Politician Under Investigation For "Tax The Rich" Met Gala Dress, Bill Gates "More Optimistic Than Ever" About India After Meet With PM Modi, This website follows the DNPA Code of Ethics. 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. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Much of the attention surrounding Frasers pay may stem from her gender. Thorough reviews have been conducted to assure this data accurately reflects disclosures. If you have an ad-blocker enabled you may be blocked from proceeding. Bank of America boss Brian Moynihan is in line for $32 million. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Written by Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Fraser was Citi's. Our Standards: The Thomson Reuters Trust Principles. (Editing by Lauren Silva Laughlin and Sharon Lam). We've received your submission. Citigroup Inc. awarded Chief Executive Officer Jane Fraser $22.5 million for her work in 2021 after she assumed the top job in February and helped guide the bank through regulatory hurdles. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. 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. 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. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. All rights reserved. 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. You may also find the annual proxy statement by going directly to the company's website. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. 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See here for a complete list of exchanges and delays. - 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. 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. Get the free daily newsletter read by industry experts. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Since Fraser took over the reins at Citi (. Opinions expressed are those of the author. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. For non-personal use or to order multiple copies, please contact In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Vroom reports earnings. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. It was a Friday. . 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. - 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the 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. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank.