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Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Fraser's compensation includes a $1.3 million cash. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Do Not Sell My Personal Information (CA Residents Only). 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? This report is not for commercial use. Thats less sensible than it sounds. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. See here for a complete list of exchanges and delays. 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 directors cited Fraser's ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. "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. 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. Vroom reports earnings. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. All proxy statements are public filings made available to the general public by the SEC. 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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 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. Fraser was Citi's. read more. 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. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. Please disable your ad-blocker and refresh. 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. That was when it really hit me that . If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Distribution and use of this material are governed by 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). Incentives matter too. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. See here for a complete list of exchanges and delays. 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. The information shown here is a reporting of information included in the company's proxy statement. Her main source of income is from her primary work as a business executive and CEO. This report is not for commercial use. 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. Since Fraser took over the reins at Citi (. This copy is for your personal, non-commercial use only. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Jane Fraser, Chief Executive Officer, Citi. This information is according to proxy statements filed for the 2021 fiscal year. It was a Friday. But on Wall Street, she is a poor cousin. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Type a symbol or company name. 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. 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. 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. - 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. Will Others Follow? Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Get the free daily newsletter read by industry experts. She is the. Fraser is a 16-year veteran of the bank and held a succession of important leadership roles for marquee divisions at Citi, including serving as the chief executive for the U.S. consumer and. See here for a complete list of exchanges and delays. 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%. Fraserwas paid $17.1 million for 2020. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. . For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. Jane Fraser net worth is estimated at around $25 million. If a company isnt doing well, its board and investors should want the best person to clean it up. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Latest Update on the Future of Work at Citi. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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. Bank of America boss Brian Moynihan is in line for $32 million. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. You may also find the annual proxy statement by going directly to the company's website. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Manish Sisodia's Custody Extended, CBI Told Not To Repeat Questions, In Karnataka, Arvind Kejriwal Twist To BJP's "Double-Engine Government", Flu Cases With Severe Symptoms Rise, Centre Issues Advisory: 10 Facts, "Grateful Adani Group Has Shown Faith In Australia": Ex PM Tony Abbott, "I Gave Up": Shark Tank Judge Namita Thapar Reveals Her Struggles With IVF, Here's How To Avoid Covid-Like Flu Sweeping Across India, "World's 1st" Bamboo Crash Barrier Installed In Maharashtra: Nitin Gadkari, Influencer Andrew Tate, Facing Human Trafficking Charges, Has Lung Cancer, Rajya Sabha MP Kapil Sibal Announces Platform To Fight Injustice. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. Our Standards: The Thomson Reuters Trust Principles. 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. Reuters->. CEO compensation has risen steadily since the late 1970s. 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Coronavirus Tips Working and Protection. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Thats up from 35% last year. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. The industry leader for online information for tax, accounting and finance professionals. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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.