The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. She is the first woman to lead a U.S.-based Wall Street bank, and Citi long before Frasers ascent positioned itself as a market leader on gender equality. Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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). Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Ms Fraser's total pay in 2021 was $22.5 million. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a New and used auto sales are hotter than a car left in a mall parking lot all afternoon, and online sales may be the wave of the future. ; 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 . JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. | 1 p.m. 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. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The industry leader for online information for tax, accounting and finance professionals. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. See here for a complete list of exchanges and delays. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? You may also find the annual proxy statement by going directly to the company's website. 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. 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. 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). All proxy statements are public filings made available to the general public by the SEC. On the surface, Citis performance explains the difference. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Morgan Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last year. Get started - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. articles a month for anyone to read, even non-subscribers! For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. Citigroup raises Fraser's pay by 32% after appointing her as CEO Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. But on Wall Street, she is a poor cousin. 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 . This copy is for your personal, non-commercial use only. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Thats less sensible than it sounds. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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 addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. Feb. 28. That was when it really hit me that . CITIGROUP INC Executive Salaries & Other Compensation - Salary.com - 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. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Citi CEO Jane Fraser shares her perspective on banking's shifting leadership landscape and the opportunity for diverse styles on CNBC Closing Bell: "I hope to 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. Written by ET, First Horizon warns TD deal may be in limbo, Citi to cut hundreds of investment banking, mortgage, tech jobs: reports, Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle, JPMorgan decries fishing expedition in Epstein case, How Banks are Better Navigating Industry Changes, Winning banking customer service in the COVID era, The rise of imitation banks may lead to regulatory scrutiny, Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts, N26 head of risk quits in escalating leadership crisis, How to Deliver Cost Savings While Improving Service in the Banking World, 2023 Economic Insight & Best Practices in Financial Risk Management, How to Decrease Errors & Fraud in Financial Institutions, Protecting your Financial Institution from Mobile Fraud Schemes in 2023, First Fidelity Bank enters BaaS space with Episode Six partnership, Ohio bank reaches $9M redlining settlement with DOJ, Goldman pins its hopes on asset and wealth management, While her compensation ranks well below industry leaders the CEOs of, Frasers $22.5 million for 2021 is also 18.2% more than 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. If a company isnt doing well, its board and investors should want the best person to clean it up. - 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. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 On the surface, Citis performance explains the difference. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. We've received your submission. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. This report is not for commercial use. 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. Will His AI Plans Be Any Different? Not the one that runs along gender lines though Fraser does get a third less than her male peers.
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