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. 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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. 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Fraser, 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1.33 million salary, the New York-based bank said Monday in a filing. She is the. 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. Please. 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. John Foley for Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Jane Fraser | Chief Executive Officer, Citi - Citigroup Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq The information shown here is a reporting of information included in the company's proxy statement. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. As data privacy regulations around the The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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 . 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. On the surface, Citis performance explains the difference. 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Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Jane Fraser Net Worth 2023, Age, Husband, Children, Height, Family Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. To narrow the gap in the raw data, the bank has embarked on an effort to level up to at least 40% the proportion of women in its assistant vice president through managing director roles. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. 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. That's down from 29% in the first year Citi reported the figures. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. This copy is for your personal, non-commercial use only. You may also find the annual proxy statement by going directly to the company's website. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Coronavirus Tips Working and Protection. Copy and paste multiple symbols separated by spaces. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Citi veteran Jane Fraser has been named Michael Corbat's successor. 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 The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. You may also find the annual proxy statement by going directly to the company's website. 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. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. CONTEXT NEWS. 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. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Musk Made a Mess at Twitter. Fraser's compensation includes a $1.3 million cash. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Get the free daily newsletter read by industry experts. Ms Fraser's total pay in 2021 was $22.5 million. For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. 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. 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. 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. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. . Want to share a company announcement with your peers? Will His AI Plans Be Any Different? CITIGROUP INC Executive Salaries & Other Compensation - Salary.com Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. 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. Distribution and use of this material are governed by Jane Fraser, Chief Executive Officer, Citi. If a company isnt doing well, its board and investors should want the best person to clean it up. Continue reading your article witha WSJ subscription, Already a member? JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Will Others Follow? Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Our Standards: The Thomson Reuters Trust Principles. Half of Frasers non-base-pay compensation derives from the PSUs. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years. 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). 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. 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. 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 free newsletter covering the top industry headlines, By Anna Hrushka, Dan Ennis and Gabrielle Saulsbery , Encapture releases data validation solution to enhance compliance automation, By signing up to receive our newsletter, you agree to our, Webinar Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. Morgan Stanley shares were up around 25% over the same time. 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. Citigroup's Jane Fraser to receive $12.5m pay grant She joined Citi in 2004 in the Corporate and Investment Banking division. All quotes delayed a minimum of 15 minutes. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC.
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