. read more. 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). 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. The information shown here is a reporting of information included in the company's proxy statement. See here for a complete list of exchanges and delays. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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 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. Our Standards: The Thomson Reuters Trust Principles. Written by But on Wall Street, she is a poor cousin. 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. The industry leader for online information for tax, accounting and finance professionals. I left the office and walked down to the grocery store to stock up and there was not one vegetablefresh or frozenleft on any of the shelves. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. She has been CEO of four Citi units and presently heads up a fifth and the largest, the Global Consumer Bank and is President of the entire company. It was a Friday. Her main source of income is from her primary work as a business executive and CEO. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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 Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Let Banking Dive's free newsletter keep you informed, straight from your inbox. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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 the head of its consumer businesses, the bank disclosed on Monday. Feb. 28. The industry leader for online information for tax, accounting and finance professionals. John Foley for Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. On the surface, Citis performance explains the difference. 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. . Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Citigroup directors cited Fraser's ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Opinions expressed are those of the author. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. If a company isnt doing well, its board and investors should want the best person to clean it up. Jane Fraser's picture. Oil Producers Hand $128 Billionto Investors as Doubts Grow About Future of Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. - 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Our Standards: The Thomson Reuters Trust Principles. You may also find the annual proxy statement by going directly to the company's website. This information is according to proxy statements filed for the 2021 fiscal year. See here for a complete list of exchanges and delays. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. Reuters->. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. Fraser's compensation includes a $1.3 million cash. I vividly remember March 6 last year. Get started Citi in 2018 chose to reveal raw pay gap data, becoming the first U.S. bank of its size to do so, and it typically posts yearly updates on its progress narrowing the wage gap. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Jennifer Surane. 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 Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. CEO compensation has risen steadily since the late 1970s. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. We've received your submission. - 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. That was when it really hit me that . | 2 p.m.
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