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. Her main source of income is from her primary work as a business executive and CEO. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. Ms Fraser's total pay in 2021 was $22.5 million. Morgan Stanley shares were up around 25% over the same time. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Before joining Citi, Jane was a Partner at McKinsey & Company. March 24, 2021. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. All quotes delayed a minimum of 15 minutes. - 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Half of Frasers non-base-pay compensation derives from the PSUs. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Before becoming CEO, she was . "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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. She also received $16,800 in other forms of compensation. Thanks for contacting us. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Create your Watchlist to save your favorite quotes on Nasdaq.com. Citi picks Jane Fraser as next CEO first woman to lead the bank. Much of the attention surrounding Frasers pay may stem from her gender. The information shown here is a reporting of information included in the company's proxy statement. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Get the free daily newsletter read by industry experts. Mr. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. See here for a complete list of exchanges and delays. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. As data privacy regulations around the Jane Fraser net worth is estimated at around $25 million. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The "global . Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Incentives matter too. 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. But on Wall Street, she is a poor cousin. Thats up from 35% last year. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. That's down from 29% in the first year Citi reported the figures. CEO compensation has risen steadily since the late 1970s. Will His AI Plans Be Any Different? 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. . This report is not for commercial use. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Since Fraser took over the reins at 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. The industry leader for online information for tax, accounting and finance professionals. She is the. 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Fraser's compensation includes a $1.3 million cash. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. She took over as the first female chief executive of a major Wall Street bank in February 2021. Ms Fraser's total pay in 2021 was $22.5 million. Type a symbol or company name. 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%. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. That was when it really hit me that . Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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 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. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Vroom reports earnings. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Reuters->. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. These symbols will be available throughout the site during your session. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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