She also set in motion a strategy last April to withdraw from 13 retail banking markets in the Eastern Hemisphere and later added Mexico to that list. See here for a complete list of exchanges and delays. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Is this happening to you frequently? Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. The industry leader for online information for tax, accounting and finance professionals. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. our Subscriber Agreement and by copyright law. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes Not the one that runs along gender lines though Fraser does get a third less than her male peers. Thats less sensible than it sounds. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Want to share a company announcement with your peers? Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Copy and paste multiple symbols separated by spaces. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. On the surface, Citis performance explains the difference. 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. Since Fraser took over the reins at Citi (. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household https://www.census.gov/quickfacts/newyorkcitynewyork. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Half of Frasers non-base-pay compensation derives from the PSUs. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Citigroup's Jane Fraser to receive $12.5m pay grant On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Jane Fraser Net Worth (2022) | wallmine Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. She also received $16,800 in other forms of compensation. 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. , The free newsletter covering the top industry headlines, By Anna Hrushka, Dan Ennis and Gabrielle Saulsbery , Encapture releases data validation solution to enhance compliance automation, By signing up to receive our newsletter, you agree to our, Webinar 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. She has been CEO of four Citi units and presently heads up a fifth and the largest, the Global Consumer Bank and is President of the entire company. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. The opinions expressed are his own.). Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Reuters->. Please. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Before becoming CEO, she was . Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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 The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Fraser's compensation includes a $1.3 . Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME 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. 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. Jane Fraser's picture. 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). - 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. In Fraser's first year as CEO, the bank also submitted plans to the OCC and the Federal Reserve to address how to resolve its 2020 consent orders. Vroom reports earnings. I vividly remember March 6 last year. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Type a symbol or company name. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. . Get the free daily newsletter read by industry experts. The Citi Blog - Latest Update on the Future of Work at Citi Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. 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. You may also find the annual proxy statement by going directly to the company's website. That's down from 29% in the first year Citi reported the figures. 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Jane Fraser net worth is estimated at around $25 million. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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. Jane Fraser Bio, Age, Family, Husband, House, Salary, Net, Citigroup Citi picks Jane Fraser as next CEO first woman to lead the bank - 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. All rights reserved. As data privacy regulations around the Feb. 28. Ms Fraser's total pay in 2021 was $22.5 million. 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. Leadership Team - Jane Fraser | Citi read more. 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. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. 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. 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. Far better than ending up as a troubled bank with a demotivated leader. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Before joining Citi, Jane was a Partner at McKinsey & Company. 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. Shes the first female CEO of a major US bank. Please disable your ad-blocker and refresh. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Ms Fraser's total pay in 2021 was $22.5 million. All quotes delayed a minimum of 15 minutes. 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Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Jennifer Surane. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. You may also find the annual proxy statement by going directly to the company's website. Fraser was Citi's. Our Standards: The Thomson Reuters Trust Principles. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. All proxy statements are public filings made available to the general public by the SEC. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters Citi's incoming CEO Jane Fraser forms new operating team to build Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on But on Wall Street, she is a poor cousin. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. All quotes delayed a minimum of 15 minutes. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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%. | 2 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. Mr. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, which serves millions of consumers, businesses and institutions across 160 countries and jurisdictions. 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 This information is according to proxy statements filed for the 2021 fiscal year. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap.
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