Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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. Bank of America boss Brian Moynihan is in line for $32 million. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. She received a total incentive award of ~$21.17M, including a cash incentive of $6.35M, deferred stock of $4.23M and performance share units of $10.58M. Not the one that runs along gender lines though Fraser does get a third less than her male peers. If a company isnt doing well, its board and investors should want the best person to clean it up. Please disable your ad-blocker and refresh. See here for a complete list of exchanges and delays. 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. 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. She joined Citi in 2004 in the Corporate and Investment Banking division. - 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 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%. CITIGROUP INC Executive Salaries & Other Compensation - Salary.com Citigroup's Jane Fraser to receive $12.5m pay grant Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Written by Half of Frasers non-base-pay compensation derives from the PSUs. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Citigroup Chief Executive JaneFraser will take home total compensation of $22.5 million for 2021 a nearly 32% increase from the previous year, the bank said Monday. 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. Shes the first female CEO of a major US bank. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. On the surface, Citis performance explains the difference. See here for a complete list of exchanges and delays. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. For non-personal use or to order multiple copies, please contact You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. Reuters->. Subscribe to Banking Dive for top news, trends & analysis. 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. Want to share a company announcement with your peers? She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes (The author is a Reuters Breakingviews columnist. This report is not for commercial use. CONTEXT NEWS. 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 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? In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Leadership Team - Jane Fraser | Citi | 2 p.m. As data privacy regulations around the Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN 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. All quotes delayed a minimum of 15 minutes. 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. But on Wall Street, she is a poor cousin. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. As data privacy regulations around the Let Banking Dive's free newsletter keep you informed, straight from your inbox. Before joining Citi, Jane was a Partner at McKinsey & Company. Thats less sensible than it sounds. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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. The opinions expressed are his own.). 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. All proxy statements are public filings made available to the general public by the SEC. Citi veteran Jane Fraser has been named Michael Corbat's successor. Jane Fraser - CEO - Citi | LinkedIn Thats up from 35% last year. articles a month for anyone to read, even non-subscribers! Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Thats less sensible than it sounds. ET, First Horizon warns TD deal may be in limbo, Citi to cut hundreds of investment banking, mortgage, tech jobs: reports, Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle, JPMorgan decries fishing expedition in Epstein case, How Banks are Better Navigating Industry Changes, Winning banking customer service in the COVID era, The rise of imitation banks may lead to regulatory scrutiny, Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts, N26 head of risk quits in escalating leadership crisis, How to Deliver Cost Savings While Improving Service in the Banking World, 2023 Economic Insight & Best Practices in Financial Risk Management, How to Decrease Errors & Fraud in Financial Institutions, Protecting your Financial Institution from Mobile Fraud Schemes in 2023, First Fidelity Bank enters BaaS space with Episode Six partnership, Ohio bank reaches $9M redlining settlement with DOJ, Goldman pins its hopes on asset and wealth management, While her compensation ranks well below industry leaders the CEOs of, Frasers $22.5 million for 2021 is also 18.2% more than the. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Type a symbol or company name. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. If a company isnt doing well, its board and investors should want the best person to clean it up. , 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 - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. . 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. The Citi Blog - Latest Update on the Future of Work at Citi David Westin speaks with top names in finance about the week's biggest issues on Wall Street. 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.
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