Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. The industry leader for online information for tax, accounting and finance professionals. These symbols will be available throughout the site during your session. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. Jane Fraser's picture. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. articles a month for anyone to read, even non-subscribers! 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Do Not Sell My Personal Information (CA Residents Only). In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Incentives matter too. Thats less sensible than it sounds. Subscribe to Banking Dive for top news, trends & analysis. 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. 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. Latest Update on the Future of Work at Citi. - 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. 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 See here for a complete list of exchanges and delays. She is the. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Get the free daily newsletter read by industry experts. 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. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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 its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Want to share a company announcement with your peers? Before becoming CEO, she was . In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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. On the surface, Citis performance explains the difference. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. 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 annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. | 2 p.m. She also received $16,800 in other forms of compensation. - 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. This report is not for commercial use. Create your Watchlist to save your favorite quotes on Nasdaq.com. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Distribution and use of this material are governed by 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 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. 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. Opinions expressed are those of the author. On the surface, Citis performance explains the difference. , 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 Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. For non-personal use or to order multiple copies, please contact 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. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. As data privacy regulations around the The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. All proxy statements are public filings made available to the general public by the SEC. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. Half of Frasers non-base-pay compensation derives from the PSUs. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Bank of America boss Brian Moynihan is in line for $32 million. Fraser's compensation includes a $1.3 . However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. California Weighs $360,000 in Reparations to Eligible Black Residents. Incentives matter too. . The information shown here is a reporting of information included in the company's proxy statement. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Fraser's compensation includes a $1.3 million cash. 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. Her $1.33 million salary represents 10 months at Citis usual CEO pay rate of $1.5 million per year because Fraser took over the banks top role March 1, the bank said. Her main source of income is from her primary work as a business executive and CEO. All quotes delayed a minimum of 15 minutes. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. All proxy statements are public filings made available to the general public by the SEC. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. That's down from 29% in the first year Citi reported the figures. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5 million for 2022, up 9 per cent from the prior year, reported Wall Street Journal. The "global . Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, iPhone Maker Plans $700 Million India Plant in Shift From China, Stock Traders Are Ignoring Blaring Bond Alarms, S&P 500 Notches Best Week Since Late January: Markets Wrap. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. our Subscriber Agreement and by copyright law. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Coronavirus Tips Working and Protection. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Not the one that runs along gender lines though Fraser does get a third less than her male peers. 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. Fraser was Citi's. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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 Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Our Standards: The Thomson Reuters Trust Principles. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. John Foley for Copy and paste multiple symbols separated by spaces. Ms. Fraser owns over 32,400 units of Citigroup Inc stock worth over $5,179,478 and over the last 5 years she sold C stock worth over $2,512,944. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Thats up from 35% last 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. Morgan Stanley shares were up around 25% over the same time. Reuters->. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. I left the office and walked down to the grocery store to stock up and there was not one vegetablefresh or frozenleft on any of the shelves. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Before joining Citi, Jane was a Partner at McKinsey & Company. 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. 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. Bank of America boss Brian Moynihan is in line for $32 million. 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). If a company isnt doing well, its board and investors should want the best person to clean it up. 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. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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 . Musk Made a Mess at Twitter. Morgan Stanley shares were up around 25% over the same time. - 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. ; 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 . She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. . Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. CEO compensation has risen steadily since the late 1970s. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. Type a symbol or company name. 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