Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. 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. John Foley for Will Others Follow? To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. 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. 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 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. Much of the attention surrounding Frasers pay may stem from her gender. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Ms Fraser's total pay in 2021 was $22.5 million. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Musk Made a Mess at Twitter. Leadership Team - Jane Fraser | Citi "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. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% Latest Update on the Future of Work at Citi. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Ms Fraser's total pay in 2021 was $22.5 million. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household https://www.census.gov/quickfacts/newyorkcitynewyork. Fraserwas paid $17.1 million for 2020. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. Type a symbol or company name. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. See here for a complete list of exchanges and delays. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Citigroup (C) Awards CEO Jane Fraser $22.5 Million for 2021 - Bloomberg.com But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. On the surface, Citis performance explains the difference. . In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Female employees at the bank made 26% less than male employees as of January 2021, Sara Wechter, Citi's head of human resources, wrote in a blog post. Want to share a company announcement with your peers? Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Will His AI Plans Be Any Different? 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. As data privacy regulations around the Citi paid CEO Jane Fraser $24.5 million for 2022, an 8.9% increase over the $22.5 million she made the previous year, according to a filing the bank made Tuesday with the Securities and Exchange Commission. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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? Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. 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. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 Mr. Analysis: Goldman Sachs faces hard sell for its consumer assets, Ex-Goldman banker Ng deserves 15 years in prison, US prosecutors say, Reporting by David Henry in New York and Sohini Podder in Bengaluru; Editing by Aditya Soni, Silvergate suspends crypto payments network; shares fall after-hours, Bank of Canada to hold rates steady at 4.50% through this year, How China's new No.2 hastened the end of Xi's zero-COVID policy, Analysis: US Republicans aim to stymie gun sale codes at state level, American Airlines, flight attendants union seek mediation in contract negotiations, Argentina melts in late-summer heat wave as records tumble, As space junk threat grows, government and investors seek solutions, Indonesian officials call for audit after Pertamina fire kills 15, Brazil's Petrobras faces legal risks after halting asset sales -lawyers, Exclusive news, data and analytics for financial market professionals. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. As data privacy regulations around the Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, iPhone Maker Plans $700 Million India Plant in Shift From China, Stock Traders Are Ignoring Blaring Bond Alarms, S&P 500 Notches Best Week Since Late January: Markets Wrap. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. All quotes delayed a minimum of 15 minutes. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. The opinions expressed are his own.). Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Not the one that runs along gender lines though Fraser does get a third less than her male peers. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. 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. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Ms Fraser's pay rise has made her the only big US bank boss to receive a bump amid a challenging year for the industry. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Our Standards: The Thomson Reuters Trust Principles. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. 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). 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. That could fuel analysts questions at TDs earnings call Thursday. These symbols will be available throughout the site during your session. The industry leader for online information for tax, accounting and finance professionals. 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. Before joining Citi, Jane was a Partner at McKinsey & Company. The Citi Blog - Latest Update on the Future of Work at Citi Copy and paste multiple symbols separated by spaces. Feb. 28. That was when it really hit me that . Meet Citi's Next CEO & Learn How She Climbed to the Top The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Bank of America boss Brian Moynihan is in line for $32 million. - 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. She's the only CEO of a top-six U.S. bank to receive a raise last year. See here for a complete list of exchanges and delays. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. To narrow the gap in the raw data, the bank has embarked on an effort to level up to at least 40% the proportion of women in its assistant vice president through managing director roles. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. CEO compensation has risen steadily since the late 1970s. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. (The author is a Reuters Breakingviews columnist. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. Jane Fraser (executive) - Wikipedia But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Jane Fraser (born 1967) [1] is a British - American banking executive and the chief executive (CEO) of Citigroup, a position she has held since March 2021. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. . | 1 p.m. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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. She received a total incentive award of ~$21.17M, including a cash incentive of $6.35M, deferred stock of $4.23M and performance share units of $10.58M. 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). Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. All rights reserved. ET, Presented by studioID and Dun and Bradstreet, Webinar If you have an ad-blocker enabled you may be blocked from proceeding. Jane Fraser net worth is estimated at around $25 million. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. 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. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Get the free daily newsletter read by industry experts. See here for a complete list of exchanges and delays. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Distribution and use of this material are governed by Please. 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. 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. 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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. The industry leader for online information for tax, accounting and finance professionals. Fraser was Citi's. 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. - 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. Since Fraser took over the reins at Citi (. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com Continue reading your article witha WSJ subscription, Already a member? 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. Thanks for contacting us. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. On the surface, Citis performance explains the difference. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Fraser's compensation includes a $1.3 million cash. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. Fraser's rise is the result of a multiyear effort at Citi, the $74. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Do Not Sell My Personal Information (CA Residents Only). Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Bank of America boss Brian Moynihan is in line for $32 million. I vividly remember March 6 last year. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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). All proxy statements are public filings made available to the general public by the SEC. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Fraser is a 16-year veteran of the bank and held a succession of important leadership roles for marquee divisions at Citi, including serving as the chief executive for the U.S. consumer and. This report is not for commercial use. All proxy statements are public filings made available to the general public by the SEC. This copy is for your personal, non-commercial use only. Shes the first female CEO of a major US bank. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. California Weighs $360,000 in Reparations to Eligible Black Residents. articles a month for anyone to read, even non-subscribers! , The free newsletter covering the top industry headlines, By Anna Hrushka, Dan Ennis and Gabrielle Saulsbery , Encapture releases data validation solution to enhance compliance automation, By signing up to receive our newsletter, you agree to our, Webinar 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. Jane Fraser - CEO - Citi | LinkedIn Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career.
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