Jane Fraser - CEO - Citi | LinkedIn 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. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Continue reading your article witha WSJ subscription, Already a member? Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. The opinions expressed are his own.). Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. 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). 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. Citi's incoming CEO Jane Fraser forms new operating team to build CONTEXT NEWS. - 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Vroom reports earnings. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. The information shown here is a reporting of information included in the company's proxy statement. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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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. Will His AI Plans Be Any Different? 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). 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. Get started 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's picture. articles a month for anyone to read, even non-subscribers! Morgan Stanley shares were up around 25% over the same time. You may also find the annual proxy statement by going directly to the company's website. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. CEO compensation has risen steadily since the late 1970s. You may also find the annual proxy statement by going directly to the company's website. 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a The industry leader for online information for tax, accounting and finance professionals. Our Standards: The Thomson Reuters Trust Principles. 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. - 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. Get the free daily newsletter read by industry experts. For non-personal use or to order multiple copies, please contact If a company isnt doing well, its board and investors should want the best person to clean it up. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her 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. 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. Fraser was Citi's. 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. All quotes delayed a minimum of 15 minutes. 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. Bank of America boss Brian Moynihan is in line for $32 million. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. Much of the attention surrounding Frasers pay may stem from her gender. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family All proxy statements are public filings made available to the general public by the SEC. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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's compensation includes a $1.3 . Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. All quotes delayed a minimum of 15 minutes. read 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com Feb. 28. 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 Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Thats less sensible than it sounds. Bank of America boss Brian Moynihan is in line for $32 million. . Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on Citi picks Jane Fraser as next CEO first woman to lead the bank. John Foley for Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 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. Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. 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. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. She also received $16,800 in other forms of compensation. ; 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 . Copy and paste multiple symbols separated by spaces. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Half of Frasers non-base-pay compensation derives from the PSUs. 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. . It was a Friday. , 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 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%. Create your Watchlist to save your favorite quotes on Nasdaq.com. Morgan Stanley shares were up around 25% over the same time. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. She is the. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. - 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. 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. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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. 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. Her main source of income is from her primary work as a business executive and CEO. 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. 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