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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Copy and paste multiple symbols separated by spaces. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. That could fuel analysts questions at TDs earnings call Thursday. 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? 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. But on Wall Street, she is a poor cousin. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. , 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 Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Morgan Stanley shares were up around 25% over the same time. She is the. Half of Frasers non-base-pay compensation derives from the PSUs. Thats less sensible than it sounds. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. Is this happening to you frequently? Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Coronavirus Tips Working and Protection. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. All quotes delayed a minimum of 15 minutes. This report is not for commercial use. Type a symbol or company name. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Will His AI Plans Be Any Different? - 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. 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. 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. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Thorough reviews have been conducted to assure this data accurately reflects disclosures. If you have an ad-blocker enabled you may be blocked from proceeding. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. The industry leader for online information for tax, accounting and finance professionals. Want to share a company announcement with your peers? Before joining Citi, Jane was a Partner at McKinsey & Company. 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. On the surface, Citis performance explains the difference. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. . 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. It was a Friday. Our Standards: The Thomson Reuters Trust Principles. We've received your submission. Fraserwas paid $17.1 million for 2020. Continue reading your article witha WSJ subscription, Already a member? 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). Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. Jennifer Surane. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. This copy is for your personal, non-commercial use only. This report is not for commercial use. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Type a symbol or company name. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Her main source of income is from her primary work as a business executive and CEO. - 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. All quotes delayed a minimum of 15 minutes. Far better than ending up as a troubled bank with a demotivated leader. 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. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. articles a month for anyone to read, even non-subscribers! JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. The information shown here is a reporting of information included in the company's proxy statement. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. That was when it really hit me that . JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Jane Fraser net worth is estimated at around $25 million. Reuters->. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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. The industry leader for online information for tax, accounting and finance professionals. 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. 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 $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. You may also find the annual proxy statement by going directly to the company's website. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Will Others Follow? ET, Presented by studioID and Dun and Bradstreet, Webinar 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. Our Standards: The Thomson Reuters Trust Principles. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Distribution and use of this material are governed by If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. She also received $16,800 in other forms of compensation. Much of the attention surrounding Frasers pay may stem from her gender. Citi veteran Jane Fraser has been named Michael Corbat's successor. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The "global . Get started 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. 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 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. "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. Ms Fraser's total pay in 2021 was $22.5 million. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. . Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. March 24, 2021. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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 rights reserved. 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. Shes the first female CEO of a major US bank. Bank of America boss Brian Moynihan is in line for $32 million. I vividly remember March 6 last year. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Fraser was Citi's. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Jane Fraser, Chief Executive Officer, Citi. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. John Foley for - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Vroom reports earnings. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. Ms Fraser's total pay in 2021 was $22.5 million. 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. | 2 p.m. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. See here for a complete list of exchanges and delays. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. The information shown here is a reporting of information included in the company's proxy statement. 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. Thats up from 35% last year. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. CEO compensation has risen steadily since the late 1970s. Feb. 28. 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. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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. 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. 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. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy.