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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. Let Banking Dive's free newsletter keep you informed, straight from your inbox. read more. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. We've received your submission. Want to share a company announcement with your peers? Feb. 28. 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. For non-personal use or to order multiple copies, please contact 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. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Type a symbol or company name. 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. Jane Fraser Net Worth (2022) | wallmine See here for a complete list of exchanges and delays. As data privacy regulations around the 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household https://www.census.gov/quickfacts/newyorkcitynewyork. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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. 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. Will His AI Plans Be Any Different? She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. She took over as the first female chief executive of a major Wall Street bank in February 2021. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Her main source of income is from her primary work as a business executive and CEO. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Far better than ending up as a troubled bank with a demotivated leader. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. That was when it really hit me that . The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Continue reading your article witha WSJ subscription, Already a member? She also received $16,800 in other forms of compensation. Meet Citi's Next CEO & Learn How She Climbed to the Top 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. 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. . Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Ms Fraser's total pay in 2021 was $22.5 million. Subscribe to Banking Dive for top news, trends & analysis. Jane Fraser Bio, Age, Family, Husband, House, Salary, Net, Citigroup Before becoming CEO, she was . 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. 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. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. If a company isnt doing well, its board and investors should want the best person to clean it up. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. . JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Latest Update on the Future of Work at Citi. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Coronavirus Tips Working and Protection. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. . (The author is a Reuters Breakingviews columnist. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. The information shown here is a reporting of information included in the company's proxy statement. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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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. Jane Fraser - CEO - Citi | LinkedIn Thats up from 35% last year. Jane Fraser (born 1967) [1] is a British - American banking executive and the chief executive (CEO) of Citigroup, a position she has held since March 2021. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. As data privacy regulations around the - 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Thorough reviews have been conducted to assure this data accurately reflects disclosures. All proxy statements are public filings made available to the general public by the SEC. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. 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). NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Please disable your ad-blocker and refresh. The industry leader for online information for tax, accounting and finance professionals. 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. She's the only CEO of a top-six U.S. bank to receive a raise last year. On the surface, Citis performance explains the difference. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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 Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. 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David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. Fraser's compensation includes a $1.3 million cash. 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. Fraser's rise is the result of a multiyear effort at Citi, the $74. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq All proxy statements are public filings made available to the general public by the SEC. This information is according to proxy statements filed for the 2021 fiscal year. "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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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.

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