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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The industry leader for online information for tax, accounting and finance professionals. 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. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. Latest Update on the Future of Work at Citi. All quotes delayed a minimum of 15 minutes. She also received $16,800 in other forms of compensation. 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. Citigroup CEO Jane Fraser to get $22.5 million payday - New York Post 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. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq Since Fraser took over the reins at Citi (. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. 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. Manish Sisodia's Custody Extended, CBI Told Not To Repeat Questions, In Karnataka, Arvind Kejriwal Twist To BJP's "Double-Engine Government", Flu Cases With Severe Symptoms Rise, Centre Issues Advisory: 10 Facts, "Grateful Adani Group Has Shown Faith In Australia": Ex PM Tony Abbott, "I Gave Up": Shark Tank Judge Namita Thapar Reveals Her Struggles With IVF, Here's How To Avoid Covid-Like Flu Sweeping Across India, "World's 1st" Bamboo Crash Barrier Installed In Maharashtra: Nitin Gadkari, Influencer Andrew Tate, Facing Human Trafficking Charges, Has Lung Cancer, Rajya Sabha MP Kapil Sibal Announces Platform To Fight Injustice. 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. See here for a complete list of exchanges and delays. 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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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 See here for a complete list of exchanges and delays. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. Our Standards: The Thomson Reuters Trust Principles. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Mr. 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. 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 author is a Reuters Breakingviews columnist. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. read more. Jane Fraser Bio, Age, Family, Husband, House, Salary, Net, Citigroup Our Standards: The Thomson Reuters Trust Principles. our Subscriber Agreement and by copyright law. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. In her first year as CEO, Jane Fraser quickly set to work on a strategic refresh and announced plans to shed consumer banking assets around the globe. Not the one that runs along gender lines though Fraser does get a third less than her male peers. CONTEXT NEWS. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Morgan Stanley shares were up around 25% over the same time. Get the free daily newsletter read by industry experts. Before joining Citi, Jane was a Partner at McKinsey & Company. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Chuck Klusman on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Distribution and use of this material are governed by - 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. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Rapper, chef and author Action Bronson takes us on a journey from his early days at culinary school, to releasing critically acclaimed albums, to writing books, starring in TV shows and building an iconic brand around his favorite interests. Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. The Citi Blog - Latest Update on the Future of Work at Citi Incentives matter too. 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 CEO Jane Fraser's total pay for 2023 set at $24.5 million 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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. 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. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on (Editing by Lauren Silva Laughlin and Sharon Lam). In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. It was a Friday. ET, Presented by studioID and Dun and Bradstreet, Webinar From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. 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. On the surface, Citis performance explains the difference. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Citi picks Jane Fraser as next CEO first woman to lead the bank. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Far better than ending up as a troubled bank with a demotivated leader. 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. 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. If a company isnt doing well, its board and investors should want the best person to clean it up. Fraser was Citi's. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Citigroup raises Fraser's pay by 32% after appointing her as CEO In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Opinions expressed are those of the author. Citi had slashed Corbats pay by 21% to $19 million for his final year in the job as the pandemic hit the banks profits and shortcomings emerged in its risk controls. Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. That could fuel analysts questions at TDs earnings call Thursday. 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. 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. She took over as the first female chief executive of a major Wall Street bank in February 2021. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. . 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. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. 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. 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. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. CEO compensation has risen steadily since the late 1970s. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. I left the office and walked down to the grocery store to stock up and there was not one vegetablefresh or frozenleft on any of the shelves. - 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. Type a symbol or company name. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Citi in 2018 chose to reveal raw pay gap data, becoming the first U.S. bank of its size to do so, and it typically posts yearly updates on its progress narrowing the wage gap. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts.