Our Standards: The Thomson Reuters Trust Principles. 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's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . These symbols will be available throughout the site during your session. 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). To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. 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. 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. But on Wall Street, she is a poor cousin. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full 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. Shes the first female CEO of a major US bank. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Reuters->. 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. 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. All quotes delayed a minimum of 15 minutes. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Fraserwas paid $17.1 million for 2020. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. 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. She is the. Mr. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. . 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%. Far better than ending up as a troubled bank with a demotivated leader. Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Is this happening to you frequently? CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. The industry leader for online information for tax, accounting and finance professionals. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. 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. Morgan Stanley shares were up around 25% over the same time. Fraser's rise is the result of a multiyear effort at Citi, the $74. Create your Watchlist to save your favorite quotes on Nasdaq.com. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. (Editing by Lauren Silva Laughlin and Sharon Lam). Thats less sensible than it sounds. 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. Fraser was paid a salary of $1.33 million and a cash bonus of $6.35 million when he became CEO on March 1, 2021. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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 Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Before becoming CEO, she was . 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. 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. 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. California Weighs $360,000 in Reparations to Eligible Black Residents. Please disable your ad-blocker and refresh. Please. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Before joining Citi, Jane was a Partner at McKinsey & Company. Ms Fraser's total pay in 2021 was $22.5 million. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. You may also find the annual proxy statement by going directly to the company's website. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. That was when it really hit me that . Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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. 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. 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. If a company isnt doing well, its board and investors should want the best person to clean it up.

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