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. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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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. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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. Vroom reports earnings. Citi paid CEO Jane Fraser $24.5 million for 2022, an 8.9% increase over the $22.5 million she made the previous year, according to a filing the bank made Tuesday with the Securities and Exchange Commission. Much of the attention surrounding Frasers pay may stem from her gender. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. 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. 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. Mr. See here for a complete list of exchanges and delays. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. . 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. 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. 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. Will His AI Plans Be Any Different? The opinions expressed are his own.). Distribution and use of this material are governed by Thorough reviews have been conducted to assure this data accurately reflects disclosures. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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%. This information is according to proxy statements filed for the 2021 fiscal year. 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. 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. Ms Fraser's total pay in 2021 was $22.5 million. 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But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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? All proxy statements are public filings made available to the general public by the SEC. 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. 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 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 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. All quotes delayed a minimum of 15 minutes. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Fraser's compensation includes a $1.3 million cash. CONTEXT NEWS. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Ms Fraser's total pay in 2021 was $22.5 million. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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Coronavirus Tips Working and Protection. - 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. This report is not for commercial use. See here for a complete list of exchanges and delays. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. For non-personal use or to order multiple copies, please contact 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. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. John Foley for During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. You may also find the annual proxy statement by going directly to the company's website. Incentives matter too. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. Continue reading your article witha WSJ subscription, Already a member? JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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). Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. As data privacy regulations around the The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. I vividly remember March 6 last year. 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. ; 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 . Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Morgan Stanley shares were up around 25% over the same time. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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 Written by Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. "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. Feb. 28. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. She is the. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. But on Wall Street, she is a poor cousin. 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. Copy and paste multiple symbols separated by spaces. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. (The author is a Reuters Breakingviews columnist. Want to share a company announcement with your peers? She joined Citi in 2004 in the Corporate and Investment Banking division. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. See here for a complete list of exchanges and delays. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Fraser's rise is the result of a multiyear effort at Citi, the $74. She took over as the first female chief executive of a major Wall Street bank in February 2021. Latest Update on the Future of Work at Citi. (Editing by Lauren Silva Laughlin and Sharon Lam). Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The information shown here is a reporting of information included in the company's proxy statement. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Type a symbol or company name. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. The industry leader for online information for tax, accounting and finance professionals. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Please disable your ad-blocker and refresh. Please. The industry leader for online information for tax, accounting and finance professionals. 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