Musk Made a Mess at Twitter. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. . 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. 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Type a symbol or company name. 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. Bank of America boss Brian Moynihan is in line for $32 million. Before becoming CEO, she was . Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. We've received your submission. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. This information is according to proxy statements filed for the 2021 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. 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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. . Our Standards: The Thomson Reuters Trust Principles. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. - 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. 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 Inc. awarded Chief Executive Officer Jane Fraser $24.5 million in pay for 2022, making her the only major US bank CEO to receive a bump in compensation for the year. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Reuters->. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. , 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 She also received $16,800 in other forms of compensation. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. - 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Ms Fraser's total pay in 2021 was $22.5 million. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. She is the. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. See here for a complete list of exchanges and delays. 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. 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. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Please disable your ad-blocker and refresh. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. See here for a complete list of exchanges and delays. She took over as the first female chief executive of a major Wall Street bank in February 2021. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Get started But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Incentives matter too. This report is not for commercial use. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Jane Fraser net worth is estimated at around $25 million. 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. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Jennifer Surane. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. The opinions expressed are his own.). 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). It was a Friday. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Do Not Sell My Personal Information (CA Residents Only). Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. Since Fraser took over the reins at Citi (. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. - 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Please. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. ET, First Horizon warns TD deal may be in limbo, Citi to cut hundreds of investment banking, mortgage, tech jobs: reports, Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle, JPMorgan decries fishing expedition in Epstein case, How Banks are Better Navigating Industry Changes, Winning banking customer service in the COVID era, The rise of imitation banks may lead to regulatory scrutiny, Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts, N26 head of risk quits in escalating leadership crisis, How to Deliver Cost Savings While Improving Service in the Banking World, 2023 Economic Insight & Best Practices in Financial Risk Management, How to Decrease Errors & Fraud in Financial Institutions, Protecting your Financial Institution from Mobile Fraud Schemes in 2023, First Fidelity Bank enters BaaS space with Episode Six partnership, Ohio bank reaches $9M redlining settlement with DOJ, Goldman pins its hopes on asset and wealth management, While her compensation ranks well below industry leaders the CEOs of, Frasers $22.5 million for 2021 is also 18.2% more than the. our Subscriber Agreement and by copyright law. That's down from 29% in the first year Citi reported the figures. Fraserwas paid $17.1 million for 2020. 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. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. CONTEXT NEWS. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Citi veteran Jane Fraser has been named Michael Corbat's successor. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Much of the attention surrounding Frasers pay may stem from her gender. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 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? 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. 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. Far better than ending up as a troubled bank with a demotivated leader. 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). Bank of America boss Brian Moynihan is in line for $32 million. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. The industry leader for online information for tax, accounting and finance professionals. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. March 24, 2021. 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. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Latest Update on the Future of Work at Citi. If a company isnt doing well, its board and investors should want the best person to clean it up. Distribution and use of this material are governed by If you have an ad-blocker enabled you may be blocked from proceeding. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. | 1 p.m. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. - 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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. Written by 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. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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. You may also find the annual proxy statement by going directly to the company's website. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Her main source of income is from her primary work as a business executive and CEO. On the surface, Citis performance explains the difference. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. (The author is a Reuters Breakingviews columnist. 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. Ms Fraser's total pay in 2021 was $22.5 million. Ms. Fraser owns over 32,400 units of Citigroup Inc stock worth over $5,179,478 and over the last 5 years she sold C stock worth over $2,512,944. 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). Subscribe to Banking Dive for top news, trends & analysis. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Coronavirus Tips Working and Protection. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Jane Fraser, Chief Executive Officer, Citi. "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. Thanks for contacting us. Will Others Follow? All quotes delayed a minimum of 15 minutes. Half of Frasers non-base-pay compensation derives from the PSUs. 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. I vividly remember March 6 last year. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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 Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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.
Shooting Pain In Groin Female,
Depop Follow Unfollow,
Articles J
jane fraser citi salary