Get the free daily newsletter read by industry experts. 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Thanks for contacting us. But on Wall Street, she is a poor cousin. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. That was when it really hit me that . Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. On the surface, Citis performance explains the difference. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Citi picks Jane Fraser as next CEO first woman to lead the bank Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Please disable your ad-blocker and refresh. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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). All proxy statements are public filings made available to the general public by the SEC. The information shown here is a reporting of information included in the company's proxy statement. See here for a complete list of exchanges and delays. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million 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. CONTEXT NEWS. Jane Fraser - CEO - Citi | LinkedIn In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Jennifer Surane. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. The industry leader for online information for tax, accounting and finance 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. This report is not for commercial use. 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. These symbols will be available throughout the site during your session. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Create your Watchlist to save your favorite quotes on Nasdaq.com. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Fraserwas paid $17.1 million for 2020. . Is this happening to you frequently? - 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. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. This copy is for your personal, non-commercial use only. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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? 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. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. 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. The opinions expressed are his own.). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. , 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 On the surface, Citis performance explains the difference. On that front, Axis Bank has emerged as the front-runner to acquire Citi's consumer-banking footprint in India in a deal that could be worth $2.5 billion, according to Bloomberg. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Musk Made a Mess at Twitter. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Will His AI Plans Be Any Different? However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Get started That's down from 29% in the first year Citi reported the figures. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. 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. . 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. That could fuel analysts questions at TDs earnings call Thursday. 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. 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. 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. Our Standards: The Thomson Reuters Trust Principles. As data privacy regulations around the Before joining Citi, she was a partner at McKinsey & Co. Fraserformally took the helm at Citi last February after being named as Mike Corbats successor in 2020. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million Jane Fraser, Chief Executive Officer, Citi. If a company isnt doing well, its board and investors should want the best person to clean it up. Mr. | 2 p.m. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. 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. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Coronavirus Tips Working and Protection. 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. Jane Fraser | Chief Executive Officer, Citi - Citigroup Not the one that runs along gender lines though Fraser does get a third less than her male peers. Fraser was Citi's. 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. Much of the attention surrounding Frasers pay may stem from her gender. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Feb. 28. As data privacy regulations around the Jane Fraser net worth is estimated at around $25 million. John Foley for The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Written by - 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. She also received $16,800 in other forms of compensation. Reuters->. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Leadership Team - Jane Fraser | Citi 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. Mike Corbat, Citigroup's chief executive, was paid $24m last year. 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 joined Citi in 2004 in the Corporate and Investment Banking division. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Latest Update on the Future of Work at Citi. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . To narrow the gap in the raw data, the bank has embarked on an effort to level up to at least 40% the proportion of women in its assistant vice president through managing director roles. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. Since Fraser took over the reins at Citi (. 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. Citigroup's Jane Fraser to receive $12.5m pay grant Morgan Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last year. Citi pays Fraser $22.5M in her first year as CEO | Banking Dive Opinions expressed are those of the author. 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 includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. 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. Fraser's compensation includes a $1.3 million cash. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Citigroup raises Fraser's pay by 32% after appointing her as CEO 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. For non-personal use or to order multiple copies, please contact But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. CEO compensation has risen steadily since the late 1970s. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Jane Fraser Net Worth (2022) | wallmine . 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. Citi picks Jane Fraser as next CEO first woman to lead the bank. 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 worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world.

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