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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. For its 2021 fiscal year, CITIGROUP INC, listed the following board members 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. Incentives matter too. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. - 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. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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). Thats less sensible than it sounds. Thats less sensible than it sounds. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. Written by Fraser's compensation includes a $1.3 million cash. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. ET, Presented by studioID and Dun and Bradstreet, Webinar For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Much of the attention surrounding Frasers pay may stem from her gender. 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. All quotes delayed a minimum of 15 minutes. The industry leader for online information for tax, accounting and finance professionals. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Before becoming CEO, she was . CEO compensation has risen steadily since the late 1970s. Ms Fraser's total pay in 2021 was $22.5 million. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. ; 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 . I vividly remember March 6 last year. Citigroup Chief Executive Jane Fraser will take home total compensation of $22.5 million for 2021 a nearly 32% increase from the previous year, the bank said Monday. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, which serves millions of consumers, businesses and institutions across 160 countries and jurisdictions. 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. Feb. 28. 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. Her pay is still below the $34.5 million of JPMorgan & Chase Co's JPM.N CEO Jamie Dimon, and Morgan Stanley (MS.N) CEO James Gorman's $31.5 million, according to Reuters data. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. The industry leader for online information for tax, accounting and finance professionals. 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. If you have an ad-blocker enabled you may be blocked from proceeding. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. 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. These symbols will be available throughout the site during your session. 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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 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Ms Fraser's total pay in 2021 was $22.5 million. Musk Made a Mess at Twitter. 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. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. Jane Fraser, Chief Executive Officer, Citi. 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. articles a month for anyone to read, even non-subscribers! 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Reuters->. Bank of America boss Brian Moynihan is in line for $32 million. Citi veteran Jane Fraser has been named Michael Corbat's successor. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. 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. For non-personal use or to order multiple copies, please contact 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. 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. Will Others Follow? Latest Update on the Future of Work at Citi. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. 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). The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. California Weighs $360,000 in Reparations to Eligible Black Residents. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. All quotes delayed a minimum of 15 minutes. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. That's down from 29% in the first year Citi reported the figures. Fraser was paid a salary of $1.33 million and a cash bonus of $6.35 million when he became CEO on March 1, 2021. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Thanks for contacting us. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity.