jane fraser citi salary jane fraser citi salary

March 24, 2021. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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). 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. 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. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. 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. This copy is for your personal, non-commercial use only. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. Do Not Sell My Personal Information (CA Residents Only). 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. All quotes delayed a minimum of 15 minutes. That was when it really hit me that . On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Jane Fraser (born 1967) [1] is a British - American banking executive and the chief executive (CEO) of Citigroup, a position she has held since March 2021. 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. Continue reading your article witha WSJ subscription, Already a member? In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. See here for a complete list of exchanges and delays. Thats less sensible than it sounds. Coronavirus Tips Working and Protection. 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. 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. Fraserwas paid $17.1 million for 2020. All quotes delayed a minimum of 15 minutes. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Will Others Follow? 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Incentives matter too. The information shown here is a reporting of information included in the company's proxy statement. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Jane Fraser net worth is estimated at around $25 million. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. Bank of America boss Brian Moynihan is in line for $32 million. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Distribution and use of this material are governed by 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Our Standards: The Thomson Reuters Trust Principles. 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. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Fraser was Citis president and head of the consumer business for the 2020 pay period. - Citigroup's board awarded Chief Executive Jane Fraser $22.5 million for running the U.S. bank in 2021, according to a filing on Feb. 14. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Type a symbol or company name. See here for a complete list of exchanges and delays. California Weighs $360,000 in Reparations to Eligible Black Residents. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. (Editing by Lauren Silva Laughlin and Sharon Lam). In her first year as CEO, Jane Fraser quickly set to work on a strategic refresh and announced plans to shed consumer banking assets around the globe. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Will His AI Plans Be Any Different? Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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%. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. See here for a complete list of exchanges and delays. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire 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. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. The industry leader for online information for tax, accounting and finance professionals. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. She joined Citi in 2004 in the Corporate and Investment Banking division. That could fuel analysts questions at TDs earnings call Thursday. Musk Made a Mess at Twitter. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Since Fraser took over the reins at Citi (. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Get the free daily newsletter read by industry experts. Much of the attention surrounding Frasers pay may stem from her gender. On the surface, Citis performance explains the difference. ; While her compensation ranks well below industry leaders the CEOs of Morgan Stanley and Goldman Sachs each made $35 million last year the package represents a 31.2% raise over the $17.15 million Fraser made as Citi's second-highest-ranking executive in 2020, according to The Wall . Vroom reports earnings. Far better than ending up as a troubled bank with a demotivated leader. 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. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. 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. She is the. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Half of Frasers non-base-pay compensation derives from the PSUs. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Feb. 28. Ms Fraser's total pay in 2021 was $22.5 million. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Fraser's compensation includes a $1.3 million cash. Our Standards: The Thomson Reuters Trust Principles. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. 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. 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. Copy and paste multiple symbols separated by spaces. If you have an ad-blocker enabled you may be blocked from proceeding. ET, First Horizon warns TD deal may be in limbo, Citi to cut hundreds of investment banking, mortgage, tech jobs: reports, Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle, JPMorgan decries fishing expedition in Epstein case, How Banks are Better Navigating Industry Changes, Winning banking customer service in the COVID era, The rise of imitation banks may lead to regulatory scrutiny, Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts, N26 head of risk quits in escalating leadership crisis, How to Deliver Cost Savings While Improving Service in the Banking World, 2023 Economic Insight & Best Practices in Financial Risk Management, How to Decrease Errors & Fraud in Financial Institutions, Protecting your Financial Institution from Mobile Fraud Schemes in 2023, First Fidelity Bank enters BaaS space with Episode Six partnership, Ohio bank reaches $9M redlining settlement with DOJ, Goldman pins its hopes on asset and wealth management, While her compensation ranks well below industry leaders the CEOs of, Frasers $22.5 million for 2021 is also 18.2% more than the. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. our Subscriber Agreement and by copyright law. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. CONTEXT NEWS. The opinions expressed are his own.). Shes the first female CEO of a major US bank. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. As data privacy regulations around the 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. 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. 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. 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. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Opinions expressed are those of the author. For non-personal use or to order multiple copies, please contact The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. ET, Presented by studioID and Dun and Bradstreet, Webinar Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. - 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. 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 worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. See here for a complete list of exchanges and delays. Fraser's rise is the result of a multiyear effort at Citi, the $74. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. The industry leader for online information for tax, accounting and finance professionals. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. , 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 articles a month for anyone to read, even non-subscribers! Morgan Stanley shares were up around 25% over the same time. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. read more. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Is this happening to you frequently? 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. Mike Corbat, Citigroup's chief executive, was paid $24m last year. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Latest Update on the Future of Work at Citi. Ms Fraser's total pay in 2021 was $22.5 million. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. Her main source of income is from her primary work as a business executive and CEO. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Thats up from 35% last year. Reuters->. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. Morgan Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last year. Before joining Citi, Jane was a Partner at McKinsey & Company. - 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. This report is not for commercial use. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. We've received your submission. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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