Do Not Sell My Personal Information (CA Residents Only). She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Get the free daily newsletter read by industry experts. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Incentives matter too. Copy and paste multiple symbols separated by spaces. She is the. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. See here for a complete list of exchanges and delays. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. All rights reserved. Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN 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. Subscribe to Banking Dive for top news, trends & analysis. 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. Vroom reports earnings. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Since Fraser took over the reins at Citi (. Thats up from 35% last year. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, which serves millions of consumers, businesses and institutions across 160 countries and jurisdictions. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq You may also find the annual proxy statement by going directly to the company's website. 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. Written by Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. | 1 p.m. Fraserwas paid $17.1 million for 2020. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. 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. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. This report is not for commercial use. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive 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? Please disable your ad-blocker and refresh. Thats less sensible than it sounds. . Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million She also received $16,800 in other forms of compensation. - 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. See here for a complete list of exchanges and delays. 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 The information shown here is a reporting of information included in the company's proxy statement. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Musk Made a Mess at Twitter. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. On the surface, Citis performance explains the difference. 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. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. "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. 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 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Citi pays Fraser $22.5M in her first year as CEO | Banking Dive Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. (Editing by Lauren Silva Laughlin and Sharon Lam). Ms Fraser's total pay in 2021 was $22.5 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. She's the only CEO of a top-six U.S. bank to receive a raise last year. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. That's down from 29% in the first year Citi reported the figures. It was a Friday. Ms Fraser's total pay in 2021 was $22.5 million. Will Others Follow? Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. ET, Presented by studioID and Dun and Bradstreet, Webinar For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Mr. But on Wall Street, she is a poor cousin. Feb. 28. CEO compensation has risen steadily since the late 1970s. We've received your submission. See here for a complete list of exchanges and delays. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. Much of the attention surrounding Frasers pay may stem from her gender. 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. , 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 Want to share a company announcement with your peers? If a company isnt doing well, its board and investors should want the best person to clean it up. 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). Is this happening to you frequently? Jane Fraser Bio, Age, Family, Husband, House, Salary, Net, Citigroup Bank of America boss Brian Moynihan is in line for $32 million. our Subscriber Agreement and by copyright law. - 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post Please. 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Fraser's compensation includes a $1.3 million cash. She joined Citi in 2004 in the Corporate and Investment Banking division. 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. Shes the first female CEO of a major US bank. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Her main source of income is from her primary work as a business executive and CEO. The Citi Blog - Latest Update on the Future of Work at Citi NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. That could fuel analysts questions at TDs earnings call Thursday. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. - 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Our Standards: The Thomson Reuters Trust Principles. 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. Before joining Citi, Jane was a Partner at McKinsey & Company. 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. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes Incentives matter too. Get started The industry leader for online information for tax, accounting and finance professionals. Thats less sensible than it sounds. 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. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Citi picks Jane Fraser as next CEO first woman to lead the bank. . Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. This report is not for commercial use. 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However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. This copy is for your personal, non-commercial use only. 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 These symbols will be available throughout the site during your session. 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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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Fraser's compensation includes a $1.3 . 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. - 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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