jane fraser citi salary

To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household https://www.census.gov/quickfacts/newyorkcitynewyork. 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. . 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. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com - 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 received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. All quotes delayed a minimum of 15 minutes. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. - 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. 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. 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. | 1 p.m. John Foley for 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. 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. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Incentives matter too. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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'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. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. . Citis closest peer is JPMorgan, whose share return isnt meaningfully different. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. On the surface, Citis performance explains the difference. 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME This report is not for commercial use. Type a symbol or company name. The opinions expressed are his own.). CONTEXT NEWS. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Before becoming CEO, she was . All proxy statements are public filings made available to the general public by the SEC. Meet Citi's Next CEO & Learn How She Climbed to the Top This copy is for your personal, non-commercial use only. - 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Fraser's compensation includes a $1.3 million cash. "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. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. She took over as the first female chief executive of a major Wall Street bank in February 2021. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. Want to share a company announcement with your peers? Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. That could fuel analysts questions at TDs earnings call Thursday. 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. Continue reading your article witha WSJ subscription, Already a member? In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. 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. Morgan Stanley shares were up around 25% over the same time. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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 Executive Salaries & Other Compensation - Salary.com 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. 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. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Citi picks Jane Fraser as next CEO first woman to lead the bank. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Before joining Citi, Jane was a Partner at McKinsey & Company. 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. 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CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC 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. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Get started 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. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Will His AI Plans Be Any Different? CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Reuters->. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Ms Fraser's total pay in 2021 was $22.5 million. - 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Please. Written by 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. See here for a complete list of exchanges and delays. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. The industry leader for online information for tax, accounting and finance professionals. (The author is a Reuters Breakingviews columnist. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% 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. See here for a complete list of exchanges and delays. , 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 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. You may also find the annual proxy statement by going directly to the company's website. Her main source of income is from her primary work as a business executive and CEO. See here for a complete list of exchanges and delays. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. The "global . JPMorgan Chase & Cohead 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. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. . The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. As data privacy regulations around the (Editing by Lauren Silva Laughlin and Sharon Lam). Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Citi veteran Jane Fraser has been named Michael Corbat's successor. Fraser was Citis president and head of the consumer business for the 2020 pay period. Subscribe to Banking Dive for top news, trends & analysis. 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. CEO compensation has risen steadily since the late 1970s. That was when it really hit me that . For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. We've received your submission. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Copy and paste multiple symbols separated by spaces. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. read more. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Since Fraser took over the reins at Citi (. | 2 p.m. Do Not Sell My Personal Information (CA Residents Only). Chuck Klusman on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC The industry leader for online information for tax, accounting and finance professionals. 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. 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. Thats less sensible than it sounds. 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. Leadership Team - Jane Fraser | Citi Ms Fraser's total pay in 2021 was $22.5 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. 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). I vividly remember March 6 last year. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. 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. 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. Citigroup raises Fraser's pay by 32% after appointing her as CEO On the surface, Citis performance explains the difference. Fraser's compensation includes a $1.3 . 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). Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. All rights reserved. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 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 reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Citi picks Jane Fraser as next CEO first woman to lead the bank Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. 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.