Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Will His AI Plans Be Any Different? Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Chuck Klusman on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC But Frasers firm is less efficient, slower-growing and earns a lower return on equity. "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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. That's down from 29% in the first year Citi reported the figures. Jane Fraser, Chief Executive Officer, Citi. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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 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. 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. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. - 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. 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. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Fraser's compensation includes a $1.3 million cash. See here for a complete list of exchanges and delays. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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%. Please. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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 . But on Wall Street, she is a poor cousin. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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. Will Others Follow? CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. California Weighs $360,000 in Reparations to Eligible Black Residents. For non-personal use or to order multiple copies, please contact Fraser was Citi's. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive Want to share a company announcement with your peers? CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Far better than ending up as a troubled bank with a demotivated leader. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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CITIGROUP INC Executive Salaries & Other Compensation - Salary.com 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. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. See here for a complete list of exchanges and delays. Since Fraser took over the reins at Citi (. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes All rights reserved. On the surface, Citis performance explains the difference. 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. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a John Foley for If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Ms. Fraser owns over 32,400 units of Citigroup Inc stock worth over $5,179,478 and over the last 5 years she sold C stock worth over $2,512,944. Fraser was paid a salary of $1.33 million and a cash bonus of $6.35 million when he became CEO on March 1, 2021. 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They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. . 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. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Jane Fraser - CEO - Citi | LinkedIn Before becoming CEO, she was . 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. Fiscal Year Ended in 2021 The charts on this page feature a breakdown of the total annual pay for the top executives at CITIGROUP INC as reported in their proxy statements. But on Wall Street, she is a poor cousin. Get started 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. 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). We've received your submission. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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. You may also find the annual proxy statement by going directly to the company's website. 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. Written by Her pay is still below the $34.5 million of JPMorgan & Chase Co's JPM.N CEO Jamie Dimon, and Morgan Stanley (MS.N) CEO James Gorman's $31.5 million, according to Reuters data. Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO Mike Corbat, Citigroup's chief executive, was paid $24m last year. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Fraser was Citis president and head of the consumer business for the 2020 pay period. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. 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. Citigroup's Jane Fraser to receive $12.5m pay grant For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. Morgan Stanley shares were up around 25% over the same time. Citi had slashed Corbat's pay by 21% to $19 million for his final year in the job as the pandemic hit the bank's profits and shortcomings emerged in its risk controls. Citigroup Chief Executive JaneFraser will take home total compensation of $22.5 million for 2021 a nearly 32% increase from the previous year, the bank said Monday. All proxy statements are public filings made available to the general public by the SEC. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. This report is not for commercial use.
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