The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. CONTEXT NEWS. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. 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 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. She is the. 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'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. See here for a complete list of exchanges and delays. Fraser's rise is the result of a multiyear effort at Citi, the $74. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Mike Corbat, Citigroup's chief executive, was paid $24m last year. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. 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. Type a symbol or company name. See here for a complete list of exchanges and delays. 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. 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. 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The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Citi paid CEO Jane Fraser $24.5 million for 2022, an 8.9% increase over the $22.5 million she made the previous year, according to a filing the bank made Tuesday with the Securities and Exchange Commission. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. March 24, 2021. We've received your submission. 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. 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. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Please disable your ad-blocker and refresh. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Shes the first female CEO of a major US bank. CEO compensation has risen steadily since the late 1970s. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Will Others Follow? 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 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. ET, Presented by studioID and Dun and Bradstreet, Webinar 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. The "global . Jane Fraser's picture. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. | 2 p.m. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Fraser's compensation includes a $1.3 . 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Distribution and use of this material are governed by Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. All rights reserved. Get started Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Is this happening to you frequently? When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. 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. But on Wall Street, she is a poor cousin. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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 non-personal use or to order multiple copies, please contact As data privacy regulations around the Morgan Stanley shares were up around 25% over the same time. Incentives matter too. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Incentives matter too. . 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%. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. This report is not for commercial use. Before joining Citi, Jane was a Partner at McKinsey & Company. Musk Made a Mess at Twitter. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Reuters->. See here for a complete list of exchanges and delays. - 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. read more. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last 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.
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