Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. - 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. But on Wall Street, she is a poor cousin. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Please. 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. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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). But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Ms Fraser's total pay in 2021 was $22.5 million. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. 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. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. On the surface, Citis performance explains the difference. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. See here for a complete list of exchanges and delays. 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? Vroom reports earnings. If a company isnt doing well, its board and investors should want the best person to clean it up. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Reuters->. Shes the first female CEO of a major US bank. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Mr. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Will His AI Plans Be Any Different? You may also find the annual proxy statement by going directly to the company's website. 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%. All proxy statements are public filings made available to the general public by the SEC. All quotes delayed a minimum of 15 minutes. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Fraser's compensation includes a $1.3 million cash. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Thats less sensible than it sounds. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. The "global . Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Thorough reviews have been conducted to assure this data accurately reflects disclosures. As data privacy regulations around the If a company isnt doing well, its board and investors should want the best person to clean it up. Our Standards: The Thomson Reuters Trust Principles. She also received $16,800 in other forms of compensation. Citigroup Inc. awarded Chief Executive Officer Jane Fraser $24.5 million in pay for 2022, making her the only major US bank CEO to receive a bump in compensation for the year. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. John Foley for See here for a complete list of exchanges and delays. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Before becoming CEO, she was . - 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 opinions expressed are his own.). She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. The information shown here is a reporting of information included in the company's proxy statement. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. This report is not for commercial use. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Since Fraser took over the reins at Citi (. Please disable your ad-blocker and refresh. 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. Thats up from 35% last year. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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 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 must be sent to every shareholder in advance of the company's annual shareholders meeting. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Citigroup said on Tuesday it provides regulators with its plans and progress on remediation efforts on an ongoing basis and is working constructively with the regulators to take their feedback. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. (The author is a Reuters Breakingviews columnist. 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. The industry leader for online information for tax, accounting and finance professionals. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Mike Corbat, Citigroup's chief executive, was paid $24m last year. But on Wall Street, she is a poor cousin. She is the. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Will Others Follow? Copy and paste multiple symbols separated by spaces. 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. - 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. 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. 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Written by 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Her main source of income is from her primary work as a business executive and CEO. Jane Fraser's picture. Ms Fraser's total pay in 2021 was $22.5 million. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Subscribe to Banking Dive for top news, trends & analysis. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Far better than ending up as a troubled bank with a demotivated leader. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. Get the free daily newsletter read by industry experts. 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.
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