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. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. (The author is a Reuters Breakingviews columnist. 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Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Citigroup's Jane Fraser Will Be The First Female CEO Of A - Forbes This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Incentives matter too. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Jane Fraser, Chief Executive Officer, Citi. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Jane Fraser net worth is estimated at around $25 million. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. For non-personal use or to order multiple copies, please contact 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. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. . Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. Opinions expressed are those of the author. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. March 24, 2021. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Mike Corbat, Citigroup's chief executive, was paid $24m last year. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Ms Fraser's total pay in 2021 was $22.5 million. All proxy statements are public filings made available to the general public by the SEC. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The information shown here is a reporting of information included in the company's proxy statement. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. On the surface, Citis performance explains the difference. 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. Please disable your ad-blocker and refresh. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive Much of the attention surrounding Frasers pay may stem from her gender. Copy and paste multiple symbols separated by spaces. Get started Fraserwas paid $17.1 million for 2020. She is the first woman to lead a U.S.-based Wall Street bank, and Citi long before Frasers ascent positioned itself as a market leader on gender equality. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Do Not Sell My Personal Information (CA Residents Only). Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . We've received your submission. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Written by She joined Citi in 2004 in the Corporate and Investment Banking division. 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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. Tony Marinella on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Continue reading your article witha WSJ subscription, Already a member? Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Half of Frasers non-base-pay compensation derives from the PSUs. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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). Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Citi CEO Jane Fraser shares her perspective on banking's shifting leadership landscape and the opportunity for diverse styles on CNBC Closing Bell: "I hope to As data privacy regulations around the In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. (Editing by Lauren Silva Laughlin and Sharon Lam). CONTEXT NEWS. While Other Bank CEOs Take Pay Cuts, Citigroup's CEO Jane Fraser Gets a 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. But on Wall Street, she is a poor cousin. Is this happening to you frequently? 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. 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 estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. All rights reserved. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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.
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