Thats less sensible than it sounds. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. CEO compensation has risen steadily since the late 1970s. 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. 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. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Subscribe to Banking Dive for top news, trends & analysis. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Since Fraser took over the reins at Citi (. (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. 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. 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 . 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. John Foley for 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. 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. Incentives matter too. read more. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. - 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. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. These symbols will be available throughout the site during your session. 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. You may also find the annual proxy statement by going directly to the company's website. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Fraser's compensation includes a $1.3 . I vividly remember March 6 last year. Type a symbol or company name. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. All quotes delayed a minimum of 15 minutes. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Ms Fraser's total pay in 2021 was $22.5 million. Before joining Citi, Jane was a Partner at McKinsey & Company. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Our Standards: The Thomson Reuters Trust Principles. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Thats up from 35% last year. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. All proxy statements are public filings made available to the general public by the SEC. Her main source of income is from her primary work as a business executive and CEO. 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. Feb. 28. Far better than ending up as a troubled bank with a demotivated leader. That's down from 29% in the first year Citi reported the figures. Far better than ending up as a troubled bank with a demotivated leader. 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. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. - 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. Incentives matter too. ET, Presented by studioID and Dun and Bradstreet, Webinar On the surface, Citis performance explains the difference. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. The industry leader for online information for tax, accounting and finance professionals. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. - 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. If a company isnt doing well, its board and investors should want the best person to clean it up. 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Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Fraser's compensation includes a $1.3 million cash. Fraser's compensation package for 2023 includes a base salary of $1.5 million, a cash incentive of $3.45 million, and deferred incentives of $8.05 million in deferred stock and $11.5 million in performance share units. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. That could fuel analysts questions at TDs earnings call Thursday. Mr. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. This information is according to proxy statements filed for the 2021 fiscal year. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Get started 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. You may also find the annual proxy statement by going directly to the company's website. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. - 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. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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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. But on Wall Street, she is a poor cousin. . Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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. March 24, 2021. She joined Citi in 2004 in the Corporate and Investment Banking division. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. ; 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 . The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Will His AI Plans Be Any Different? 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, which serves millions of consumers, businesses and institutions across 160 countries and jurisdictions. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Thorough reviews have been conducted to assure this data accurately reflects disclosures. , 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 Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 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. Is this happening to you frequently? 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. The industry leader for online information for tax, accounting and finance professionals. If a company isnt doing well, its board and investors should want the best person to clean it up. The information shown here is a reporting of information included in the company's proxy statement. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. Before becoming CEO, she was . CONTEXT NEWS. The opinions expressed are his own.). 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. This copy is for your personal, non-commercial use only. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. - 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. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. 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. 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. 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. That was when it really hit me that . See here for a complete list of exchanges and delays. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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 the head of its consumer businesses, the bank disclosed on Monday. articles a month for anyone to read, even non-subscribers!