To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. - 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. 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. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Subscribe to Banking Dive for top news, trends & analysis. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Since Fraser took over the reins at Citi (. On the surface, Citis performance explains the difference. Mr. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. - 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Before joining Citi, Jane was a Partner at McKinsey & Company. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Musk Made a Mess at Twitter. Copy and paste multiple symbols separated by spaces. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Get started 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. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. 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. Written by These symbols will be available throughout the site during your session. California Weighs $360,000 in Reparations to Eligible Black Residents. 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 industry leader for online information for tax, accounting and finance professionals. Please disable your ad-blocker and refresh. 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. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. 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. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. All quotes delayed a minimum of 15 minutes. This copy is for your personal, non-commercial use only. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. 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. 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Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. Ms Fraser's total pay in 2021 was $22.5 million. 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%. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. March 24, 2021. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. If a company isnt doing well, its board and investors should want the best person to clean it up. Thats up from 35% last year. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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 . Thanks for contacting us. See here for a complete list of exchanges and delays. If a company isnt doing well, its board and investors should want the best person to clean it up. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Fraserwas paid $17.1 million for 2020. Citi had slashed Corbat's pay by 21% to $19 million for his final year in the job as the pandemic hit the bank's profits and shortcomings emerged in its risk controls. 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. 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. 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. 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. The industry leader for online information for tax, accounting and finance professionals.