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. 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. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Jane Fraser's picture. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Please disable your ad-blocker and refresh. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Continue reading your article witha WSJ subscription, Already a member? Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full 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. I vividly remember March 6 last year. Type a symbol or company name. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. Thats up from 35% last year. Subscribe to Banking Dive for top news, trends & analysis. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Fraser's rise is the result of a multiyear effort at Citi, the $74. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Far better than ending up as a troubled bank with a demotivated leader. 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. This report is not for commercial use. John Foley for You may also find the annual proxy statement by going directly to the company's website. This information is according to proxy statements filed for the 2021 fiscal year. Morgan Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last year. These symbols will be available throughout the site during your session. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Thats less sensible than it sounds. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. - 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. You may also find the annual proxy statement by going directly to the company's website. All proxy statements are public filings made available to the general public by the SEC. 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. Citi in 2018 chose to reveal raw pay gap data, becoming the first U.S. bank of its size to do so, and it typically posts yearly updates on its progress narrowing the wage gap. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Fraser was Citis president and head of the consumer business for the 2020 pay period. Is this happening to you frequently? Bank of America boss Brian Moynihan is in line for $32 million. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Copy and paste multiple symbols separated by spaces. 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. - 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. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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). All proxy statements are public filings made available to the general public by the SEC. CONTEXT NEWS. 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. Latest Update on the Future of Work at Citi. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. This report is not for commercial use. The information shown here is a reporting of information included in the company's proxy statement. 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). . Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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 Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Ms Fraser's total pay in 2021 was $22.5 million. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. If you have an ad-blocker enabled you may be blocked from proceeding. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Jane Fraser net worth is estimated at around $25 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. - 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. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Bank of America boss Brian Moynihan is in line for $32 million. Fraser was Citi's. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. She has been CEO of four Citi units and presently heads up a fifth and the largest, the Global Consumer Bank and is President of the entire company. , 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 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. 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. The industry leader for online information for tax, accounting and finance professionals. Will Others Follow? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Jane Fraser, Chief Executive Officer, Citi. 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. She joined Citi in 2004 in the Corporate and Investment Banking division. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. ET, Presented by studioID and Dun and Bradstreet, Webinar Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Much of the attention surrounding Frasers pay may stem from her gender. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Shes the first female CEO of a major US bank. See here for a complete list of exchanges and delays. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. On the surface, Citis performance explains the difference. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. The "global . Mike Corbat, Citigroup's chief executive, was paid $24m last year. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Feb. 28. 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. Fraserwas paid $17.1 million for 2020. 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. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. If a company isnt doing well, its board and investors should want the best person to clean it up. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Distribution and use of this material are governed by 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 worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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. Our Standards: The Thomson Reuters Trust Principles. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. ; 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 . .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat.