Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. March 24, 2021. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. 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. 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Far better than ending up as a troubled bank with a demotivated leader. - 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. 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. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Fraser's compensation package for 2023 includes a base salary of $1.5 million, a cash incentive of $3.45 million, and deferred incentives of $8.05 million in deferred stock and $11.5 million in performance share units. As data privacy regulations around the The "global . Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. All proxy statements are public filings made available to the general public by the SEC. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. But on Wall Street, she is a poor cousin. 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. ET, First Horizon warns TD deal may be in limbo, Citi to cut hundreds of investment banking, mortgage, tech jobs: reports, Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle, JPMorgan decries fishing expedition in Epstein case, How Banks are Better Navigating Industry Changes, Winning banking customer service in the COVID era, The rise of imitation banks may lead to regulatory scrutiny, Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts, N26 head of risk quits in escalating leadership crisis, How to Deliver Cost Savings While Improving Service in the Banking World, 2023 Economic Insight & Best Practices in Financial Risk Management, How to Decrease Errors & Fraud in Financial Institutions, Protecting your Financial Institution from Mobile Fraud Schemes in 2023, First Fidelity Bank enters BaaS space with Episode Six partnership, Ohio bank reaches $9M redlining settlement with DOJ, Goldman pins its hopes on asset and wealth management, While her compensation ranks well below industry leaders the CEOs of, Frasers $22.5 million for 2021 is also 18.2% more than the. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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. Fraser's compensation includes a $1.3 million cash. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Do Not Sell My Personal Information (CA Residents Only). Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. 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. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Thats less sensible than it sounds. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. Please disable your ad-blocker and refresh. 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. ; While her compensation ranks well below industry leaders the CEOs of Morgan Stanley and Goldman Sachs each made $35 million last year the package represents a 31.2% raise over the $17.15 million Fraser made as Citi's second-highest-ranking executive in 2020, according to The Wall . Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. This information is according to proxy statements filed for the 2021 fiscal year. Morgan Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last year. 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. Thanks for contacting us. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. New and used auto sales are hotter than a car left in a mall parking lot all afternoon, and online sales may be the wave of the future. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Fraser was Citis president and head of the consumer business for the 2020 pay period. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. It was a Friday. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. If a company isnt doing well, its board and investors should want the best person to clean it up. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Coronavirus Tips Working and Protection. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Shes the first female CEO of a major US bank. Please. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. 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. Ms Fraser's total pay in 2021 was $22.5 million. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. We've received your submission. read more. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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 . If a company isnt doing well, its board and investors should want the best person to clean it up. She took over as the first female chief executive of a major Wall Street bank in February 2021. She joined Citi in 2004 in the Corporate and Investment Banking division. Subscribe to Banking Dive for top news, trends & analysis. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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? Manish Sisodia's Custody Extended, CBI Told Not To Repeat Questions, In Karnataka, Arvind Kejriwal Twist To BJP's "Double-Engine Government", Flu Cases With Severe Symptoms Rise, Centre Issues Advisory: 10 Facts, "Grateful Adani Group Has Shown Faith In Australia": Ex PM Tony Abbott, "I Gave Up": Shark Tank Judge Namita Thapar Reveals Her Struggles With IVF, Here's How To Avoid Covid-Like Flu Sweeping Across India, "World's 1st" Bamboo Crash Barrier Installed In Maharashtra: Nitin Gadkari, Influencer Andrew Tate, Facing Human Trafficking Charges, Has Lung Cancer, Rajya Sabha MP Kapil Sibal Announces Platform To Fight Injustice. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Type a symbol or company name. - 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. 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. 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. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave.