jane fraser citi salary

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. 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? Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. (Editing by Lauren Silva Laughlin and Sharon Lam). 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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. 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. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. Type a symbol or company name. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Jane Fraser net worth is estimated at around $25 million. The information shown here is a reporting of information included in the company's proxy statement. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Shes the first female CEO of a major US bank. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. For non-personal use or to order multiple copies, please contact Is this happening to you frequently? This copy is for your personal, non-commercial use only. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Reuters->. , 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 The industry leader for online information for tax, accounting and finance professionals. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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). See here for a complete list of exchanges and delays. Continue reading your article witha WSJ subscription, Already a member? 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. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. All quotes delayed a minimum of 15 minutes. Jennifer Surane. . From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. 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. Get the free daily newsletter read by industry experts. That was when it really hit me that . Citi veteran Jane Fraser has been named Michael Corbat's successor. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. That could fuel analysts questions at TDs earnings call Thursday. our Subscriber Agreement and by copyright law. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. She also received $16,800 in other forms of compensation. Half of Frasers non-base-pay compensation derives from the PSUs. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. You may also find the annual proxy statement by going directly to the company's website. Create your Watchlist to save your favorite quotes on Nasdaq.com. Type a symbol or company name. Copy and paste multiple symbols separated by spaces. 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. Coronavirus Tips Working and Protection. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. 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. Citi in 2018 chose to reveal raw pay gap data, becoming the first U.S. bank of its size to do so, and it typically posts yearly updates on its progress narrowing the wage gap. Thats less sensible than it sounds. | 1 p.m. articles a month for anyone to read, even non-subscribers! While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. CEO compensation has risen steadily since the late 1970s. If a company isnt doing well, its board and investors should want the best person to clean it up. If you have an ad-blocker enabled you may be blocked from proceeding. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. The industry leader for online information for tax, accounting and finance professionals. 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. Want to share a company announcement with your peers? - 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. She is the. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. - 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. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Thats up from 35% last year. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. The opinions expressed are his own.). Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Citigroup Inc. awarded Chief Executive Officer Jane Fraser $22.5 million for her work in 2021 after she assumed the top job in February and helped guide the bank through regulatory hurdles. Thanks for contacting us. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. Her pay is still below the $34.5 million of JPMorgan & Chase Co's JPM.N CEO Jamie Dimon, and Morgan Stanley (MS.N) CEO James Gorman's $31.5 million, according to Reuters data. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. This information is according to proxy statements filed for the 2021 fiscal year. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. All proxy statements are public filings made available to the general public by the SEC. 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Incentives matter too. Far better than ending up as a troubled bank with a demotivated leader. 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. ET, Presented by studioID and Dun and Bradstreet, Webinar Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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. 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 . . Her main source of income is from her primary work as a business executive and CEO. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. 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. 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. Ms Fraser's total pay in 2021 was $22.5 million. Far better than ending up as a troubled bank with a demotivated leader. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. 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. On the surface, Citis performance explains the difference. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. Fraser's compensation includes a $1.3 . Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Thats less sensible than it sounds. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Ms Fraser's total pay in 2021 was $22.5 million. 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. Citigroup said on Tuesday it provides regulators with its plans and progress on remediation efforts on an ongoing basis and is working constructively with the regulators to take their feedback. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. 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. We've received your submission. If a company isnt doing well, its board and investors should want the best person to clean it up. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat.

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