To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. But on Wall Street, she is a poor cousin. You may also find the annual proxy statement by going directly to the company's website. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Vroom reports earnings. 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? Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. She is the. Jane Fraser, Chief Executive Officer, Citi. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Coronavirus Tips Working and Protection. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Fraser's rise is the result of a multiyear effort at Citi, the $74. The industry leader for online information for tax, accounting and finance professionals. 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). . Morgan Stanley shares were up around 25% over the same time. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. John Foley for 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. This information is according to proxy statements filed for the 2021 fiscal year. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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). JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. Since Fraser took over the reins at Citi (. It was a Friday. The opinions expressed are his own.). Distribution and use of this material are governed by American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. She also received $16,800 in other forms of compensation. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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. 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 . Written by 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. 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. Please. 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Will His AI Plans Be Any Different? Ms Fraser's total pay in 2021 was $22.5 million. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. She also set in motion a strategy last April to withdraw from 13 retail banking markets in the Eastern Hemisphere and later added Mexico to that list. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Mr. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Jane Fraser's picture. Will Others Follow? Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. If a company isnt doing well, its board and investors should want the best person to clean it up. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Ms Fraser's total pay in 2021 was $22.5 million. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. CONTEXT NEWS. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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. 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. We've received your submission. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The information shown here is a reporting of information included in the company's proxy statement. Reuters->. This report is not for commercial use. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Incentives matter too. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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 Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. All quotes delayed a minimum of 15 minutes. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Thats less sensible than it sounds. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. 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. 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. ET, Presented by studioID and Dun and Bradstreet, Webinar Bank of America boss Brian Moynihan is in line for $32 million. 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. For non-personal use or to order multiple copies, please contact Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Our Standards: The Thomson Reuters Trust Principles. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Fraser was Citis president and head of the consumer business for the 2020 pay period. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Subscribe to Banking Dive for top news, trends & analysis. 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. This report is not for commercial use. Fraser's compensation includes a $1.3 . 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. Far better than ending up as a troubled bank with a demotivated leader. But on Wall Street, she is a poor cousin. Thats up from 35% last year. Jennifer Surane. , 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! All proxy statements are public filings made available to the general public by the SEC. 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. 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. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Far better than ending up as a troubled bank with a demotivated leader. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Incentives matter too. 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 If a company isnt doing well, its board and investors should want the best person to clean it up. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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