Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO Jane Fraser's picture. Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Copy and paste multiple symbols separated by spaces. 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. CONTEXT NEWS. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. Do Not Sell My Personal Information (CA Residents Only). For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The "global . Citi picks Jane Fraser as next CEO first woman to lead the bank. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Latest Update on the Future of Work at Citi. articles a month for anyone to read, even non-subscribers! 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. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. 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. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. 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. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. Citigroup's Jane Fraser to receive $12.5m pay grant Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. This copy is for your personal, non-commercial use only. Vroom reports earnings. The information shown here is a reporting of information included in the company's proxy statement. Much of the attention surrounding Frasers pay may stem from her gender. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. Get the free daily newsletter read by industry experts. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. The information shown here is a reporting of information included in the company's proxy statement. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. All quotes delayed a minimum of 15 minutes. Get started Not the one that runs along gender lines though Fraser does get a third less than her male peers. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. 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JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. See here for a complete list of exchanges and delays. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. (Editing by Lauren Silva Laughlin and Sharon Lam). If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Musk Made a Mess at Twitter. Morgan Stanley shares were up around 25% over the same time. Mr. Fraser's compensation includes a $1.3 . CEO compensation has risen steadily since the late 1970s. This report is not for commercial use. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Reuters->. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. 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. 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. Since Fraser took over the reins at Citi (. Fraser, 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1.33 million salary, the New York-based bank said Monday in a filing. Opinions expressed are those of the author. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Please. 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. 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 rise is the result of a multiyear effort at Citi, the $74. 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. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Far better than ending up as a troubled bank with a demotivated leader. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. . If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. All rights reserved. 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. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Our Standards: The Thomson Reuters Trust Principles. - 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. | 2 p.m. If a company isnt doing well, its board and investors should want the best person to clean it up. 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. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050.