If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. That was when it really hit me that . 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. - 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. 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. The information shown here is a reporting of information included in the company's proxy statement. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Will Others Follow? The information shown here is a reporting of information included in the company's proxy statement. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Before joining Citi, Jane was a Partner at McKinsey & Company. But on Wall Street, she is a poor cousin. (Editing by Lauren Silva Laughlin and Sharon Lam). For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Ms Fraser's pay rise has made her the only big US bank boss to receive a bump amid a challenging year for the industry. Our Standards: The Thomson Reuters Trust Principles. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. See here for a complete list of exchanges and delays. 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. Get started . In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. 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. 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%. Written by This information is according to proxy statements filed for the 2021 fiscal year. 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). 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. 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. 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. Half of Frasers non-base-pay compensation derives from the PSUs. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. CONTEXT NEWS. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Please disable your ad-blocker and refresh. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. "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. Will His AI Plans Be Any Different? - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full 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. It was a Friday. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. 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. Far better than ending up as a troubled bank with a demotivated leader. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. 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. read more. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. 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 . Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. She's the only CEO of a top-six U.S. bank to receive a raise last year. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Morgan Stanley shares were up around 25% over the same time. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Reuters->. 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. 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For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. But on Wall Street, she is a poor cousin. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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. 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. As data privacy regulations around the Fraser's compensation includes a $1.3 million cash. Citi CEO Jane Fraser shares her perspective on banking's shifting leadership landscape and the opportunity for diverse styles on CNBC Closing Bell: "I hope to Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. The industry leader for online information for tax, accounting and finance professionals. Shes the first female CEO of a major US bank. 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. See here for a complete list of exchanges and delays. 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. 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. That could fuel analysts questions at TDs earnings call Thursday. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Coronavirus Tips Working and Protection. 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. - 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. Ms Fraser's total pay in 2021 was $22.5 million. Far better than ending up as a troubled bank with a demotivated leader. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. All proxy statements are public filings made available to the general public by the SEC. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Get the free daily newsletter read by industry experts. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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. On the surface, Citis performance explains the difference. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. These symbols will be available throughout the site during your session. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The "global . 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. Fraser's compensation includes a $1.3 . However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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. 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. 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. 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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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. (The author is a Reuters Breakingviews columnist. Bank of America boss Brian Moynihan is in line for $32 million. 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. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. | 2 p.m. Bank of America boss Brian Moynihan is in line for $32 million. 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return.