Jane Fraser, Chief Executive Officer, Citi. 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. , 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 Coronavirus Tips Working and Protection. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Morgan Stanley shares were up around 25% over the same time. The "global . Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on Written by These symbols will be available throughout the site during your session. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. March 24, 2021. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Fraserwas paid $17.1 million for 2020. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. 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. 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. That's down from 29% in the first year Citi reported the figures. Jane Fraser net worth is estimated at around $25 million. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol She joined Citi in 2004 in the Corporate and Investment Banking division. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% 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? Subscribe to Banking Dive for top news, trends & analysis. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. NEW YORK (Reuters Breakingviews) - Jane Frasers $22.5 million package https://www.sec.gov/ix?doc=/Archives/edgar/data/0000831001/000110465922022820/c-20220210x8k.htm for running Citigroup embodies a Wall Street pay gap. . The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. our Subscriber Agreement and by copyright law. articles a month for anyone to read, even non-subscribers! Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. If a company isnt doing well, its board and investors should want the best person to clean it up. The Citi Blog - Latest Update on the Future of Work at Citi 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. Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com Much of the attention surrounding Frasers pay may stem from her gender. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. The industry leader for online information for tax, accounting and finance professionals. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Jane Fraser - CEO - Citi | LinkedIn Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Meet Citi's Next CEO & Learn How She Climbed to the Top Want to share a company announcement with your peers? On the surface, Citis performance explains the difference. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Ms Fraser's total pay in 2021 was $22.5 million. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. I vividly remember March 6 last year. We've received your submission. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Feb 14 (Reuters) - Citigroup Inc (C.N) Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and . All proxy statements are public filings made available to the general public by the SEC. Distribution and use of this material are governed by If a company isnt doing well, its board and investors should want the best person to clean it up. . But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. 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. Far better than ending up as a troubled bank with a demotivated leader. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. Thats less sensible than it sounds. | 1 p.m. 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. That was when it really hit me that . .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her - 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Reuters->. She took over as the first female chief executive of a major Wall Street bank in February 2021. This information is according to proxy statements filed for the 2021 fiscal year. CONTEXT NEWS. See here for a complete list of exchanges and delays. Leadership Team - Jane Fraser | Citi Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. This report is not for commercial use. Jane Fraser's picture. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million As data privacy regulations around the Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Thanks for contacting us. Ms Fraser's total pay in 2021 was $22.5 million. Bank of America boss Brian Moynihan is in line for $32 million. ; 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 . - 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. Her main source of income is from her primary work as a business executive and CEO. 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. 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. 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. 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. 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. Do Not Sell My Personal Information (CA Residents Only). 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Type a symbol or company name. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Ms Fraser's total pay in 2021 was $22.5 million. 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.