Thats less sensible than it sounds. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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 . 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. But on Wall Street, she is a poor cousin. That's down from 29% in the first year Citi reported the figures. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. She took over as the first female chief executive of a major Wall Street bank in February 2021. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. 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. 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. Distribution and use of this material are governed by See here for a complete list of exchanges and delays. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. CEO compensation has risen steadily since the late 1970s. Fraserwas paid $17.1 million for 2020. Musk Made a Mess at Twitter. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The industry leader for online information for tax, accounting and finance professionals. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. - 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. - 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Fraser's compensation includes a $1.3 . 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. She joined Citi in 2004 in the Corporate and Investment Banking division. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. That was when it really hit me that . . But on Wall Street, she is a poor cousin. 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. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. articles a month for anyone to read, even non-subscribers! Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. - 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Shes the first female CEO of a major US bank. ET, Presented by studioID and Dun and Bradstreet, Webinar 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). 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. 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%. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Coronavirus Tips Working and Protection. Ms Fraser's total pay in 2021 was $22.5 million. As data privacy regulations around the Please disable your ad-blocker and refresh. You may also find the annual proxy statement by going directly to the company's website. All proxy statements are public filings made available to the general public by the SEC. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. . Latest Update on the Future of Work at Citi. Please. 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. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. 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 has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. All rights reserved. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. John Foley for That could fuel analysts questions at TDs earnings call Thursday. Copy and paste multiple symbols separated by spaces. 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. 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. The information shown here is a reporting of information included in the company's proxy statement. Jennifer Surane. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Create your Watchlist to save your favorite quotes on Nasdaq.com. Ms Fraser's total pay in 2021 was $22.5 million. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. This information is according to proxy statements filed for the 2021 fiscal year. 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. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Will Others Follow? If you have an ad-blocker enabled you may be blocked from proceeding. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. NEW YORK (Reuters Breakingviews) - Jane Frasers $22.5 million package https://www.sec.gov/ix?doc=/Archives/edgar/data/0000831001/000110465922022820/c-20220210x8k.htm for running Citigroup embodies a Wall Street pay gap. 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. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. | 1 p.m. On the surface, Citis performance explains the difference. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. | 2 p.m. I vividly remember March 6 last year. 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. You may also find the annual proxy statement by going directly to the company's website. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . If a company isnt doing well, its board and investors should want the best person to clean it up. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.
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