Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. - 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. This report is not for commercial use. The chart on this page features a breakdown of the total annual pay for Jane Fraser, CEO at CITIGROUP INC as reported in their proxy statements. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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Since Fraser took over the reins at Citi (. See here for a complete list of exchanges and delays. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Ms. Fraser, who .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}became chief executive on March 1, 2021, was given a salary of $1.33 million and a cash bonus of $6.35 million. She also received $16,800 in other forms of compensation. Reuters->. The information shown here is a reporting of information included in the company's proxy statement. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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 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. 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. Ms Fraser's total pay in 2021 was $22.5 million. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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). https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. 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. The industry leader for online information for tax, accounting and finance professionals. All proxy statements are public filings made available to the general public by the SEC. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. For non-personal use or to order multiple copies, please contact Continue reading your article witha WSJ subscription, Already a member? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. If a company isnt doing well, its board and investors should want the best person to clean it up. All proxy statements are public filings made available to the general public by the SEC. Our Standards: The Thomson Reuters Trust Principles. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Get the free daily newsletter read by industry experts. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Jennifer Surane. Create your Watchlist to save your favorite quotes on Nasdaq.com. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. See here for a complete list of exchanges and delays. Type a symbol or company name. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. (The author is a Reuters Breakingviews columnist. . The information shown here is a reporting of information included in the company's proxy statement. Jane Fraser, Chief Executive Officer, Citi. 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. 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. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Before joining Citi, she was a partner at McKinsey & Co. Fraserformally took the helm at Citi last February after being named as Mike Corbats successor in 2020. 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. Thats less sensible than it sounds. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Will Others Follow? Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. John Foley for Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Ms Fraser's total pay in 2021 was $22.5 million. 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%. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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