Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. On the surface, Citis performance explains the difference. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. All quotes delayed a minimum of 15 minutes. The information shown here is a reporting of information included in the company's proxy statement. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Incentives matter too. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. That's down from 29% in the first year Citi reported the figures. . David Westin speaks with top names in finance about the week's biggest issues on Wall Street. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Get the free daily newsletter read by industry experts. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Half of Frasers non-base-pay compensation derives from the PSUs. - 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. 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. CONTEXT NEWS. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. See here for a complete list of exchanges and delays. read more. If a company isnt doing well, its board and investors should want the best person to clean it up. ; 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 . Opinions expressed are those of the author. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. 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. 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. Feb. 28. Continue reading your article witha WSJ subscription, Already a member? - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Will His AI Plans Be Any Different? Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Type a symbol or company name. Ms Fraser's total pay in 2021 was $22.5 million. our Subscriber Agreement and by copyright law. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Coronavirus Tips Working and Protection. 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. 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. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Analysis: Goldman Sachs faces hard sell for its consumer assets, Ex-Goldman banker Ng deserves 15 years in prison, US prosecutors say, Reporting by David Henry in New York and Sohini Podder in Bengaluru; Editing by Aditya Soni, Silvergate suspends crypto payments network; shares fall after-hours, Bank of Canada to hold rates steady at 4.50% through this year, How China's new No.2 hastened the end of Xi's zero-COVID policy, Analysis: US Republicans aim to stymie gun sale codes at state level, American Airlines, flight attendants union seek mediation in contract negotiations, Argentina melts in late-summer heat wave as records tumble, As space junk threat grows, government and investors seek solutions, Indonesian officials call for audit after Pertamina fire kills 15, Brazil's Petrobras faces legal risks after halting asset sales -lawyers, Exclusive news, data and analytics for financial market professionals. - 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. Jane Fraser net worth is estimated at around $25 million. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. 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). 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 The bank paid Fraser $22.5mn for her work in 2021, when she took over as CEO at the end of February, replacing Mike Corbat, reported Financial Times. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Bank of America boss Brian Moynihan is in line for $32 million. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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). - 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. You may also find the annual proxy statement by going directly to the company's website. 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. All rights reserved. Reuters->. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Subscribe to Banking Dive for top news, trends & analysis. 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. Jane Fraser's picture. Before becoming CEO, she was . 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. 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. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC.

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