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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 proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. This information is according to proxy statements filed for the 2021 fiscal year. (The author is a Reuters Breakingviews columnist. Rapper, chef and author Action Bronson takes us on a journey from his early days at culinary school, to releasing critically acclaimed albums, to writing books, starring in TV shows and building an iconic brand around his favorite interests. 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. CONTEXT NEWS. 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. The information shown here is a reporting of information included in the company's proxy statement. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Jane Fraser net worth is estimated at around $25 million. Fraser's compensation includes a $1.3 million cash. All proxy statements are public filings made available to the general public by the SEC. 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. | 1 p.m. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. You may also find the annual proxy statement by going directly to the company's website. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the 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. That would leave China, Russia, Poland and Bahrain as well as Mexico as the markets from which Citi has yet to determine an exit plan. Her main source of income is from her primary work as a business executive and CEO. On the surface, Citis performance explains the difference. 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%. 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. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Our Standards: The Thomson Reuters Trust Principles. Type a symbol or company name. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. I vividly remember March 6 last year. 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. All quotes delayed a minimum of 15 minutes. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. Coronavirus Tips Working and Protection. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Fraser was Citi's. 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. John Foley for American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Ms Fraser's total pay in 2021 was $22.5 million. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. See here for a complete list of exchanges and delays. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. You may also find the annual proxy statement by going directly to the company's website. "Notwithstanding challenging macroeconomic and geopolitical developments, under Ms Fraser's leadership Citi made solid progress on each of our priorities, and the compensation committee recognises the strategic direction that took shape during 2022," Citi said in its filing. In this episode, Bronson explains how the lessons he learned in the kitchen translated to the booth, the reason money can never be the motivation for creating art, and why he believes that imperfections are the best part of any masterpiece. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Much of the attention surrounding Frasers pay may stem from her gender. Jane Fraser, Chief Executive Officer, Citi. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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? 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. All proxy statements are public filings made available to the general public by the SEC. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Bank of America boss Brian Moynihan is in line for $32 million. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Opinions expressed are those of the author. 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. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. 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). 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. The industry leader for online information for tax, accounting and finance professionals. Get the free daily newsletter read by industry experts. That's down from 29% in the first year Citi reported the figures. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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 Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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California Weighs $360,000 in Reparations to Eligible Black Residents. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. Will Others Follow? Type a symbol or company name. For non-personal use or to order multiple copies, please contact Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Citi picks Jane Fraser as next CEO first woman to lead the bank. Half of Frasers non-base-pay compensation derives from the PSUs. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Want to share a company announcement with your peers? Fraserwas paid $17.1 million for 2020. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Written by Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Get started 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. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. - 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. 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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. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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. Far better than ending up as a troubled bank with a demotivated leader. Copy and paste multiple symbols separated by spaces. The "global . That could fuel analysts questions at TDs earnings call Thursday. 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. Vroom reports earnings. 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. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Far better than ending up as a troubled bank with a demotivated leader. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. See here for a complete list of exchanges and delays. - 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. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Thanks for contacting us. 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). As data privacy regulations around the As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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.

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