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She also received $16,800 in other forms of compensation. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. 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. 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. 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. Subscribe to Banking Dive for top news, trends & analysis. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. All quotes delayed a minimum of 15 minutes. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Incentives matter too. Fraser's compensation includes a $1.3 . You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. See here for a complete list of exchanges and delays. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Jane Fraser, Chief Executive Officer, Citi. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Continue reading your article witha WSJ subscription, Already a member? Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. On the surface, Citis performance explains the difference. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Thats up from 35% last year. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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 Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Female employees at the bank made 26% less than male employees as of January 2021, Sara Wechter, Citi's head of human resources, wrote in a blog post. Since Fraser took over the reins at Citi (. Musk Made a Mess at Twitter. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Jennifer Surane. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Will Others Follow? JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. . Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. That was when it really hit me that . However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. The opinions expressed are his own.). Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. 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. CEO compensation has risen steadily since the late 1970s. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Thorough reviews have been conducted to assure this data accurately reflects disclosures. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. But on Wall Street, she is a poor cousin. She joined Citi in 2004 in the Corporate and Investment Banking division. All rights reserved. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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 Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. As data privacy regulations around the Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. If a company isnt doing well, its board and investors should want the best person to clean it up. See here for a complete list of exchanges and delays. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. - 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. 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. | 1 p.m. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Our Standards: The Thomson Reuters Trust Principles. We've received your submission. Far better than ending up as a troubled bank with a demotivated leader. The information shown here is a reporting of information included in the company's proxy statement. Ms Fraser's total pay in 2021 was $22.5 million. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. | 2 p.m. Fraser's rise is the result of a multiyear effort at Citi, the $74. The information shown here is a reporting of information included in the company's proxy statement. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Citi picks Jane Fraser as next CEO first woman to lead the bank. (The author is a Reuters Breakingviews columnist. Written by The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. CONTEXT NEWS. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. You may also find the annual proxy statement by going directly to the company's website. That could fuel analysts questions at TDs earnings call Thursday. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. - 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. Much of the attention surrounding Frasers pay may stem from her gender. our Subscriber Agreement and by copyright law. 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%. Shes the first female CEO of a major US bank. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. March 24, 2021. That's down from 29% in the first year Citi reported the figures. Please. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. - 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. Type a symbol or company name. Latest Update on the Future of Work at Citi. She took over as the first female chief executive of a major Wall Street bank in February 2021. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Half of Frasers non-base-pay compensation derives from the PSUs. Type a symbol or company name. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Please disable your ad-blocker and refresh. ; 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 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 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Do Not Sell My Personal Information (CA Residents Only). 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. Mr. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Incentives matter too. Ms Fraser's total pay in 2021 was $22.5 million. 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