The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Her main source of income is from her primary work as a business executive and CEO. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Citigroup CEO Jane Fraser gets $22.5M pay package for 2021 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. - 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. This report is not for commercial use. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. read more. 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. The Citi Blog - Latest Update on the Future of Work at Citi Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. See here for a complete list of exchanges and delays. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Distribution and use of this material are governed by All quotes delayed a minimum of 15 minutes. Morgan Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last year. Please disable your ad-blocker and refresh. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. The "global . Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Ms Fraser's total pay in 2021 was $22.5 million. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Much of the attention surrounding Frasers pay may stem from her gender. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Citigroup's Jane Fraser Bucks Bank Rivals as 2022 Pay Rises to $24.5 All rights reserved. Written by Half of Frasers non-base-pay compensation derives from the PSUs. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Fraserwas paid $17.1 million for 2020. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Fraser's compensation includes a $1.3 . 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. John Foley for During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. This copy is for your personal, non-commercial use only. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Latest Update on the Future of Work at Citi. All proxy statements are public filings made available to the general public by the SEC. That could fuel analysts questions at TDs earnings call Thursday. Our Standards: The Thomson Reuters Trust Principles. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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. 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. 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. You may also find the annual proxy statement by going directly to the company's website. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. For non-personal use or to order multiple copies, please contact Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Meet Citi's Next CEO & Learn How She Climbed to the Top 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. Citigroup's Jane Fraser to receive $12.5m pay grant Coronavirus Tips Working and Protection. Since Fraser took over the reins at Citi (. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. 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. 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. Opinions expressed are those of the author. Vroom reports earnings. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. In a regulatory filing on Tuesday, Citi said Fraser's pay consisted of a $1.5mn base salary and a $23mn bonus paid in a mix of cash, deferred stock and performance share units. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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 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. 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 CEO Jane Fraser's total pay for 2023 set at $24.5 million 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. Get started 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. If you have an ad-blocker enabled you may be blocked from proceeding. See here for a complete list of exchanges and delays. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Shes the first female CEO of a major US bank. (Editing by Lauren Silva Laughlin and Sharon Lam). 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.