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. 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. - 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. 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. Continue reading your article witha WSJ subscription, Already a member? Let Banking Dive's free newsletter keep you informed, straight from your inbox. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Musk Made a Mess at Twitter. 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. See here for a complete list of exchanges and delays. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. But on Wall Street, she is a poor cousin. 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. 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. Coronavirus Tips Working and Protection. 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. Fraser is a 16-year veteran of the bank and held a succession of important leadership roles for marquee divisions at Citi, including serving as the chief executive for the U.S. consumer and. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. 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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 industry leader for online information for tax, accounting and finance professionals. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. On the surface, Citis performance explains the difference. 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. Her main source of income is from her primary work as a business executive and CEO. | 1 p.m. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Get started She joined Citi in 2004 in the Corporate and Investment Banking division. 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Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. See here for a complete list of exchanges and delays. (Editing by Lauren Silva Laughlin and Sharon Lam). Fraser was Citis president and head of the consumer business for the 2020 pay period. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. On that front, Axis Bank has emerged as the front-runner to acquire Citi's consumer-banking footprint in India in a deal that could be worth $2.5 billion, according to Bloomberg. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. . 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. 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. Since Fraser took over the reins at Citi (. Half of Frasers non-base-pay compensation derives from the PSUs. Before becoming CEO, she was . For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. These symbols will be available throughout the site during your session. 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. ; 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 . Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. She took over as the first female chief executive of a major Wall Street bank in February 2021. - 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. Mr. 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Reuters->. Thats less sensible than it sounds. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Shes the first female CEO of a major US bank. Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. CEO compensation has risen steadily since the late 1970s. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. 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. March 24, 2021. If a company isnt doing well, its board and investors should want the best person to clean it up. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. 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. "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. Far better than ending up as a troubled bank with a demotivated leader. 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. As data privacy regulations around the 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%. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Will Others Follow? 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). 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Fraserwas paid $17.1 million for 2020. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. 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. 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. - 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. This report is not for commercial use. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. ET, Presented by studioID and Dun and Bradstreet, Webinar Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. The industry leader for online information for tax, accounting and finance professionals. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. our Subscriber Agreement and by copyright law. 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. Fraser's rise is the result of a multiyear effort at Citi, the $74. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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. She is the. 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. (The author is a Reuters Breakingviews columnist. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Thats less sensible than it sounds. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Want to share a company announcement with your peers? But on Wall Street, she is a poor cousin. That's down from 29% in the first year Citi reported the figures. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. This information is according to proxy statements filed for the 2021 fiscal year. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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