Written by . NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. read more. - 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. You may also find the annual proxy statement by going directly to the company's website. articles a month for anyone to read, even non-subscribers! Thats up from 35% last year. 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. 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. 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? However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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 (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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Half of Frasers non-base-pay compensation derives from the PSUs. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. But on Wall Street, she is a poor cousin. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. This copy is for your personal, non-commercial use only. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. 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. 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. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. But on Wall Street, she is a poor cousin. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Want to share a company announcement with your peers? JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Citi had slashed Corbat's pay by 21% to $19 million for his final year in the job as the pandemic hit the bank's profits and shortcomings emerged in its risk controls. CONTEXT NEWS. All quotes delayed a minimum of 15 minutes. 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. , 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 Thorough reviews have been conducted to assure this data accurately reflects disclosures. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Type a symbol or company name. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Feb. 28. She also received $16,800 in other forms of compensation. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. 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. Coronavirus Tips Working and Protection. 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. Morgan Stanley shares were up around 25% over the same time. 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. Thats less sensible than it sounds. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Copy and paste multiple symbols separated by spaces. As data privacy regulations around the 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. 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. 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. This information is according to proxy statements filed for the 2021 fiscal year. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. Incentives matter too. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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 Do Not Sell My Personal Information (CA Residents Only). Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. If a company isnt doing well, its board and investors should want the best person to clean it up. Get started Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. . Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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%. You may also find the annual proxy statement by going directly to the company's website. Before joining Citi, Jane was a Partner at McKinsey & Company. 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. 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).
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