She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. (Editing by Lauren Silva Laughlin and Sharon Lam). Mike Corbat, Citigroup's chief executive, was paid $24m last year. - 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. Before becoming CEO, she was . 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. For non-personal use or to order multiple copies, please contact Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. 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You may also find the annual proxy statement by going directly to the company's website. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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 Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Citi picks Jane Fraser as next CEO first woman to lead the bank. Jane Fraser, Chief Executive Officer, Citi. Incentives matter too. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Much of the attention surrounding Frasers pay may stem from her gender. All quotes delayed a minimum of 15 minutes. She joined Citi in 2004 in the Corporate and Investment Banking division. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. | 1 p.m. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. - 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. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Shes the first female CEO of a major US bank. Jennifer Surane. 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. 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). For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Morgan Stanley shares were up around 25% over the same time. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Get the free daily newsletter read by industry experts. Vroom reports earnings. 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. 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. 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. Is this happening to you frequently? Ms Fraser's total pay in 2021 was $22.5 million. We've received your submission. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Bank of America boss Brian Moynihan is in line for $32 million. 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. March 24, 2021. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. ET, Presented by studioID and Dun and Bradstreet, Webinar ; 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 . 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. articles a month for anyone to read, even non-subscribers! Do Not Sell My Personal Information (CA Residents Only). As data privacy regulations around the 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. . Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. our Subscriber Agreement and by copyright law. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Distribution and use of this material are governed by Citi veteran Jane Fraser has been named Michael Corbat's successor. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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. Opinions expressed are those of the author. 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Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Will Others Follow? NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Ms Fraser's total pay in 2021 was $22.5 million. 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 industry leader for online information for tax, accounting and finance professionals. See here for a complete list of exchanges and delays. The opinions expressed are his own.). Not the one that runs along gender lines though Fraser does get a third less than her male peers. Type a symbol or company name. The information shown here is a reporting of information included in the company's proxy statement. It was a Friday. Fraser was Citis president and head of the consumer business for the 2020 pay period. Create your Watchlist to save your favorite quotes on Nasdaq.com. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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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. 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. 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. 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. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
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