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Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. On the surface, Citis performance explains the difference. Incentives matter too. Morgan Stanley shares were up around 25% over the same time. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Fraserwas paid $17.1 million for 2020. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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? Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Is this happening to you frequently? Mike Corbat, Citigroup's chief executive, was paid $24m last year. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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%. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. 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. All proxy statements are public filings made available to the general public by the SEC. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Citigroup Inc. awarded Chief Executive Officer Jane Fraser $22.5 million for her work in 2021 after she assumed the top job in February and helped guide the bank through regulatory hurdles. 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. You may also find the annual proxy statement by going directly to the company's website. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. That was when it really hit me that . Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. 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. 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 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Get started 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. - 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. As data privacy regulations around the For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. - 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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. This information is according to proxy statements filed for the 2021 fiscal year. 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. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. See here for a complete list of exchanges and delays. 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. read more. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. See here for a complete list of exchanges and delays. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The opinions expressed are his own.). 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. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Frasers compensation breaks down to a $1.33 million annual salary, a $6.35 million cash incentive, $4.23 million in deferred stock that vests over four years and $10.58 million in performance share units (PSUs). 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. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. You may also find the annual proxy statement by going directly to the company's website. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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 CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Morgan Stanley shares were up around 25% over the same time. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. 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). 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. . Fraser's rise is the result of a multiyear effort at Citi, the $74. On the surface, Citis performance explains the difference. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. She took over as the first female chief executive of a major Wall Street bank in February 2021. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Please. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Jane Fraser, Chief Executive Officer, Citi. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Thanks for contacting us. Get the free daily newsletter read by industry experts. Far better than ending up as a troubled bank with a demotivated leader. Continue reading your article witha WSJ subscription, Already a member? CONTEXT NEWS. 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 CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. All rights reserved. Citi veteran Jane Fraser has been named Michael Corbat's successor. Much of the attention surrounding Frasers pay may stem from her gender. 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. Mr. 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. 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. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. 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. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. 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. But on Wall Street, she is a poor cousin. Opinions expressed are those of the author. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. See here for a complete list of exchanges and delays. Ms Fraser's total pay in 2021 was $22.5 million. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Our Standards: The Thomson Reuters Trust Principles. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Jane Fraser (born 1967) [1] is a British - American banking executive and the chief executive (CEO) of Citigroup, a position she has held since March 2021. She joined Citi in 2004 in the Corporate and Investment Banking division. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Thorough reviews have been conducted to assure this data accurately reflects disclosures. - 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. Bank of America boss Brian Moynihan is in line for $32 million. All quotes delayed a minimum of 15 minutes. John Foley for Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Far better than ending up as a troubled bank with a demotivated leader. Thorough reviews have been conducted to assure this data accurately reflects disclosures. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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.

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