Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. That's down from 29% in the first year Citi reported the figures. Fraser's compensation includes a $1.3 million cash. 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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. 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. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Before joining Citi, Jane was a Partner at McKinsey & Company. 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Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Fraser's rise is the result of a multiyear effort at Citi, the $74. Incentives matter too. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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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 . - 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Will His AI Plans Be Any Different? The information shown here is a reporting of information included in the company's proxy statement. - 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. articles a month for anyone to read, even non-subscribers! 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. Type a symbol or company name. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. You may also find the annual proxy statement by going directly to the company's website. 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. But on Wall Street, she is a poor cousin. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. As data privacy regulations around the Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Please. Get started This information is according to proxy statements filed for the 2021 fiscal year. Jennifer Surane. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Thats up from 35% last year. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. . Get the free daily newsletter read by industry experts. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Citi picks Jane Fraser as next CEO first woman to lead the bank. She joined Citi in 2004 in the Corporate and Investment Banking division. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Vroom reports earnings. Far better than ending up as a troubled bank with a demotivated leader. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. - 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. 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. The opinions expressed are his own.). Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. read more. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Much of the attention surrounding Frasers pay may stem from her gender. All rights reserved. We've received your submission. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Since Fraser took over the reins at Citi (. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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. See here for a complete list of exchanges and delays. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. California Weighs $360,000 in Reparations to Eligible Black Residents. Far better than ending up as a troubled bank with a demotivated leader. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Before becoming CEO, she was . But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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 non-personal use or to order multiple copies, please contact Fraser's compensation includes a $1.3 . 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. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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. On the surface, Citis performance explains the difference. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. (Editing by Lauren Silva Laughlin and Sharon Lam). In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Incentives matter too. Citis closest peer is JPMorgan, whose share return isnt meaningfully different.
jane fraser citi salary
jane fraser citi salary
