Do Not Sell My Personal Information (CA Residents Only). The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. All quotes delayed a minimum of 15 minutes. Thats less sensible than it sounds. That's down from 29% in the first year Citi reported the figures. See here for a complete list of exchanges and delays. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. 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. 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. This report is not for commercial use. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Ms Fraser's total pay in 2021 was $22.5 million. 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. (The author is a Reuters Breakingviews columnist. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. CEO compensation has risen steadily since the late 1970s. Fraser's compensation includes a $1.3 . I vividly remember March 6 last year. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. The industry leader for online information for tax, accounting and finance professionals. 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. This report is not for commercial use. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Bank of America boss Brian Moynihan is in line for $32 million. For non-personal use or to order multiple copies, please contact Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. But on Wall Street, she is a poor cousin. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. March 24, 2021. She took over as the first female chief executive of a major Wall Street bank in February 2021. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. See here for a complete list of exchanges and delays. Citigroup Chief Executive JaneFraser will take home total compensation of $22.5 million for 2021 a nearly 32% increase from the previous year, the bank said Monday. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Thanks for contacting us. 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. ; 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 . Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Incentives matter too. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Get the free daily newsletter read by industry experts. 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. 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. Opinions expressed are those of the author. The information shown here is a reporting of information included in the company's proxy statement. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . (Editing by Lauren Silva Laughlin and Sharon Lam). The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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 net worth is estimated at around $25 million. 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. read more. Please. "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. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Thats less sensible than it sounds. our Subscriber Agreement and by copyright law. 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). Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Shes the first female CEO of a major US bank. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Much of the attention surrounding Frasers pay may stem from her gender. Let Banking Dive's free newsletter keep you informed, straight from your inbox. - 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. Subscribe to Banking Dive for top news, trends & analysis. . Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. 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. Her main source of income is from her primary work as a business executive and CEO. 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. The information shown here is a reporting of information included in the company's proxy statement. All rights reserved. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Our Standards: The Thomson Reuters Trust Principles. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Fraser was Citis president and head of the consumer business for the 2020 pay period. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Jane Fraser, Chief Executive Officer, Citi. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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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. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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.
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