However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Thats less sensible than it sounds. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 2023 NYP Holdings, Inc. All Rights Reserved, Citi hikes pay for junior bankers despite Wall Street layoffs: report, Goldman Sachs may slash bonuses for 3,000 investment bankers by 40%: report, Risk of a US recession now approaching 50%: Citigroup analysis, Goldman Sachs to give senior bankers unlimited vacation to rest and recharge: report. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Not the one that runs along gender lines though Fraser does get a third less than her male peers. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Type a symbol or company name. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Jane Fraser's picture. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. Musk Made a Mess at Twitter. Before becoming CEO, she was . We've received your submission. Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. | 1 p.m. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Before joining Citi, Jane was a Partner at McKinsey & Company. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. 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. Vroom reports earnings. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. I vividly remember March 6 last year. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Feb. 28. 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. Morgan Stanley shares were up around 25% over the same time. Type a symbol or company name. See here for a complete list of exchanges and delays. Written by See here for a complete list of exchanges and delays. Latest Update on the Future of Work at Citi. As data privacy regulations around the Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. She also received $16,800 in other forms of compensation. Our Standards: The Thomson Reuters Trust Principles. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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Please disable your ad-blocker and refresh. 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). Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. 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. Continue reading your article witha WSJ subscription, Already a member? If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. . Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. Ms Fraser's total pay in 2021 was $22.5 million. (Editing by Lauren Silva Laughlin and Sharon Lam). But on Wall Street, she is a poor cousin. 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. Our Standards: The Thomson Reuters Trust Principles. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. John Foley for CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. You may also find the annual proxy statement by going directly to the company's website. Thats less sensible than it sounds. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Oil Producers Hand $128 Billionto Investors as Doubts Grow About Future of Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows. Copy and paste multiple symbols separated by spaces. The compensation committee took into account the company's return of almost $12B in capital to its common shareholders, growth of its book value per share of 7% to $92.21, and CET1 capital ratio of 12.3%. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. It was a Friday. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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. For non-personal use or to order multiple copies, please contact The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Fraserwas paid $17.1 million for 2020. Ms Fraser's total pay in 2021 was $22.5 million. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. That was when it really hit me that . But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Please. 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. Subscribe to Banking Dive for top news, trends & analysis. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. As data privacy regulations around the In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Want to share a company announcement with your peers? Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. All proxy statements are public filings made available to the general public by the SEC. Incentives matter too. "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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Fraser's 2022 pay package included a $1.5 million salary, a $3.45 million cash bonus and $19.6 million in stock awards, per Bloomberg. - 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. 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. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. 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. Jane Fraser net worth is estimated at around $25 million. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. The information shown here is a reporting of information included in the company's proxy statement. Shes the first female CEO of a major US bank. Far better than ending up as a troubled bank with a demotivated leader. 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. - 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. She is the. . Ms. Fraser owns over 32,400 units of Citigroup Inc stock worth over $5,179,478 and over the last 5 years she sold C stock worth over $2,512,944. Reuters->. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc.

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