As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. That was when it really hit me that . 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. This report is not for commercial use. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Half of Frasers non-base-pay compensation derives from the PSUs. 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. 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. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. 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. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. 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. 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 . .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. You may also find the annual proxy statement by going directly to the company's website. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. (The author is a Reuters Breakingviews columnist. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. 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In her first year as CEO, Jane Fraser quickly set to work on a strategic refresh and announced plans to shed consumer banking assets around the globe. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Citi veteran Jane Fraser has been named Michael Corbat's successor. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. See here for a complete list of exchanges and delays. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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Incentives matter too. - 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. This information is according to proxy statements filed for the 2021 fiscal year. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. 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. The information shown here is a reporting of information included in the company's proxy statement. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. If a company isnt doing well, its board and investors should want the best person to clean it up. 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). 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. Ms Fraser's total pay in 2021 was $22.5 million. Opinions expressed are those of the author. 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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. 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. 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. Do Not Sell My Personal Information (CA Residents Only). However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. - 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Will His AI Plans Be Any Different? 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%. 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. Goldman Sachs Group IncCEO David Solomon and Morgan StanleyCEO James Gorman are both getting $35 million, while Brian Moynihan, CEO of Bank of America Corp, is receiving $32 million. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. 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. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. Morgan Stanley shares were up around 25% over the same time. Far better than ending up as a troubled bank with a demotivated leader. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. read more. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser.

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