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Far better than ending up as a troubled bank with a demotivated leader. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. 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. . However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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 Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household https://www.census.gov/quickfacts/newyorkcitynewyork. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Jane Fraser's picture. 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 - 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. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. articles a month for anyone to read, even non-subscribers! 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. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. 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. This information is according to proxy statements filed for the 2021 fiscal year. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Venture capitalists swap Paris Hilton for Al Gore, US blacklisting is no match for TikTok virality, Editing by Lauren Silva Laughlin and Sharon Lam, Theres hope beyond moaning for European telcos, Adani contrarian is a win for Hindenburg, too, Exclusive news, data and analytics for financial market professionals. It was a Friday. Her main source of income is from her primary work as a business executive and CEO. Far better than ending up as a troubled bank with a demotivated leader. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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. Since Fraser took over the reins at Citi (. 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. Is this happening to you frequently? Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Bank of America boss Brian Moynihan is in line for $32 million. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Vroom reports earnings. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . | 2 p.m. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. 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. 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. That's down from 29% in the first year Citi reported the figures. 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. This copy is for your personal, non-commercial use only. That was when it really hit me that . If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. ET, Presented by studioID and Dun and Bradstreet, Webinar 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%. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. 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. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. That could fuel analysts questions at TDs earnings call Thursday. Subscribe to Banking Dive for top news, trends & analysis. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. (The author is a Reuters Breakingviews columnist. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The industry leader for online information for tax, accounting and finance professionals. But on Wall Street, she is a poor cousin. This report is not for commercial use. Conrad Sangma To Be Sworn In As Meghalaya Chief Minister On March 7. Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year. 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. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. Thats up from 35% last year. (Editing by Lauren Silva Laughlin and Sharon Lam). 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Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Ms Fraser's total pay in 2021 was $22.5 million. 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. On the surface, Citis performance explains the difference. She took over as the first female chief executive of a major Wall Street bank in February 2021. 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. See here for a complete list of exchanges and delays. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Reuters, the news and media division of Thomson Reuters, is the worlds largest international multimedia news provider reaching more than one billion people every day. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. . | 1 p.m. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC.