CEO compensation has risen steadily since the late 1970s. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Bank of America boss Brian Moynihan is in line for $32 million. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Not the one that runs along gender lines though Fraser does get a third less than her male peers. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Jane Fraser Has to Fix Citigroup. It Will Be a Tough Job. - Moneycontrol That's down from 29% in the first year Citi reported the figures. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. The compensation committee took into account the company's return of almost $12B in capital to its common shareholders, growth of its book value per share of 7% to $92.21, and CET1 capital ratio of 12.3%. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Please. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. 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. Jane Fraser Bio, Age, Family, Husband, House, Salary, Net, Citigroup 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 the head of its consumer businesses, the bank disclosed on Monday. 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. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 Copy and paste multiple symbols separated by spaces. . For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Type a symbol or company name. Thats up from 35% last year. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. That could fuel analysts questions at TDs earnings call Thursday. Citi picks Jane Fraser as next CEO first woman to lead the bank 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. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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. Subscribe to Banking Dive for top news, trends & analysis. Before becoming CEO, she was . Jane Fraser | Chief Executive Officer, Citi - Citigroup She's the only CEO of a top-six U.S. bank to receive a raise last year. Musk Made a Mess at Twitter. Feb. 28. This copy is for your personal, non-commercial use only. 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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. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. - 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. 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. 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. On the surface, Citis performance explains the difference. These symbols will be available throughout the site during your session. Will Others Follow? 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. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive 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. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Thats less sensible than it sounds. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Her main source of income is from her primary work as a business executive and CEO. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. Before joining Citi, Jane was a Partner at McKinsey & Company. This information is according to proxy statements filed for the 2021 fiscal year. Jane Fraser's picture. Do Not Sell My Personal Information (CA Residents Only). Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Continue reading your article witha WSJ subscription, Already a member? Citi pays Fraser $22.5M in her first year as CEO | Banking Dive Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. | 1 p.m. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN 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). 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.
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