Citi in 2018 chose to reveal raw pay gap data, becoming the first U.S. bank of its size to do so, and it typically posts yearly updates on its progress narrowing the wage gap. Distribution and use of this material are governed by 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. Type a symbol or company name. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. All quotes delayed a minimum of 15 minutes. 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. 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 joined Citi in 2004 in the Corporate and Investment Banking division. | 2 p.m. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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. 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. 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 Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Jane Fraser's picture. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. This report is not for commercial use. Thats less sensible than it sounds. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Incentives matter too. Will Others Follow? 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Her main source of income is from her primary work as a business executive and CEO. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. "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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. On the surface, Citis performance explains the difference. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. 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 INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. . Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . 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. This report is not for commercial use. 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. Since Fraser took over the reins at Citi (. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. She took over as the first female chief executive of a major Wall Street bank in February 2021. - 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. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. read more. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. - 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. But on Wall Street, she is a poor cousin. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. She is the. You may also find the annual proxy statement by going directly to the company's website. All proxy statements are public filings made available to the general public by the SEC. Incentives matter too. (The author is a Reuters Breakingviews columnist. If a company isnt doing well, its board and investors should want the best person to clean it up. . Thorough reviews have been conducted to assure this data accurately reflects disclosures. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. 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. That's down from 29% in the first year Citi reported the figures. 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%. our Subscriber Agreement and by copyright law. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. Ms Fraser's total pay in 2021 was $22.5 million. 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. You may also find the annual proxy statement by going directly to the company's website. Coronavirus Tips Working and Protection. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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. 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We've received your submission. 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. The industry leader for online information for tax, accounting and finance professionals. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. March 24, 2021. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. The opinions expressed are his own.). - 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. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. articles a month for anyone to read, even non-subscribers! Please. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Please disable your ad-blocker and refresh. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Get started 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). 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses.
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