Please. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. CONTEXT NEWS. Ms Fraser's total pay in 2021 was $22.5 million. 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American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Copy and paste multiple symbols separated by spaces. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Latest Update on the Future of Work at Citi. Feb 14 (Reuters) - Citigroup Inc (C.N) Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and the head of its consumer businesses, the bank disclosed on Monday. "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. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Half of Frasers non-base-pay compensation derives from the PSUs. 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. 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. . Will Others Follow? Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Incentives matter too. Mr. 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. (The author is a Reuters Breakingviews columnist. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. On the surface, Citis performance explains the difference. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. As data privacy regulations around the As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Bank of America boss Brian Moynihan is in line for $32 million. We've received your submission. 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. Ms Fraser's total pay in 2021 was $22.5 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. Before becoming CEO, she was . JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Please disable your ad-blocker and refresh. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Morgan Stanley shares were up around 25% over the same time. Opinions expressed are those of the author. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. 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. March 24, 2021. 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. 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. 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. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Thats less sensible than it sounds. 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). 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%. Fraser's compensation includes a $1.3 million cash. See here for a complete list of exchanges and delays. This report is not for commercial use. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Create your Watchlist to save your favorite quotes on Nasdaq.com. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. For non-personal use or to order multiple copies, please contact 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. Do Not Sell My Personal Information (CA Residents Only). The opinions expressed are his own.). Fraser was Citi's. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. Distribution and use of this material are governed by - 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. Bank of America boss Brian Moynihan is in line for $32 million. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. 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. 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. You may also find the annual proxy statement by going directly to the company's website. As data privacy regulations around the Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Fraser's rise is the result of a multiyear effort at Citi, the $74. It was a Friday. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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 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). But on Wall Street, she is a poor cousin. | 1 p.m. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. This information is according to proxy statements filed for the 2021 fiscal year. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. 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. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. ; 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 . The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The industry leader for online information for tax, accounting and finance professionals. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. read more. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Feb. 28. Type a symbol or company name. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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).