Jane Fraser - Net Worth 2021, Salary, Age, Height, Bio, Family, Career. Mr. She took over as the first female chief executive of a major Wall Street bank in February 2021. Thats up from 35% last year. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. She joined Citi in 2004 in the Corporate and Investment Banking division. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Before becoming CEO, she was . Before joining Citi, Jane was a Partner at McKinsey & Company. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. 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. She received a total incentive award of ~$21.17M, including a cash incentive of $6.35M, deferred stock of $4.23M and performance share units of $10.58M. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. All quotes delayed a minimum of 15 minutes. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Citi's incoming CEO Jane Fraser forms new operating team to build Not the one that runs along gender lines though Fraser does get a third less than her male peers. (The author is a Reuters Breakingviews columnist. Thanks for contacting us. Compensation Information for Jane Fraser, CEO of CITIGROUP INC - Salary.com During her 18-year career at Citi, Jane has held leadership roles across Citi's consumer and institutional businesses. She is the. Latest Update on the Future of Work at Citi. 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. - 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. Fraser's 2022 pay package included a $1.5 million salary, a $3.45 million cash bonus and $19.6 million in stock awards, per Bloomberg. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. You may also find the annual proxy statement by going directly to the company's website. Since Fraser took over the reins at Citi (. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. Citigroup raises Fraser's pay by 32% after appointing her as CEO As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. 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. Fraser was Citi's. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. CONTEXT NEWS. You may also find the annual proxy statement by going directly to the company's website. Citi on LinkedIn: Citi CEO Jane Fraser shares her perspective on 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Ms Fraser's total pay in 2021 was $22.5 million. Fraser is a 16-year veteran of the bank and held a succession of important leadership roles for marquee divisions at Citi, including serving as the chief executive for the U.S. consumer and. She's the only CEO of a top-six U.S. bank to receive a raise last year. 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. 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. - 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. Fraserwas paid $17.1 million for 2020. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. 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. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5 million for 2022, up 9 per cent from the prior year, reported Wall Street Journal. Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. - 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. That's down from 29% in the first year Citi reported the figures. 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. 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. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. | 2 p.m. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Bank of America boss Brian Moynihan is in line for $32 million. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. 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. That could fuel analysts questions at TDs earnings call Thursday. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. All proxy statements are public filings made available to the general public by the SEC. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. Citigroup's Jane Fraser is doing the unthinkable on Wall Street - CNN Citi paid CEO Jane Fraser $24.5 million for 2022, an 8.9% increase over the $22.5 million she made the previous year, according to a filing the bank made Tuesday with the Securities and Exchange Commission. March 24, 2021. 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. See here for a complete list of exchanges and delays. Vroom reports earnings. On the surface, Citis performance explains the difference. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 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. Coronavirus Tips Working and Protection. 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. Half of Frasers non-base-pay compensation derives from the PSUs. I vividly remember March 6 last year. Musk Made a Mess at Twitter. 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. Reuters->. , 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 But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Citi's Jane Fraser embodies Wall Street's pay gap | Reuters Citi veteran Jane Fraser has been named Michael Corbat's successor. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Incentives matter too. 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Citigroup's Jane Fraser Gets $22.5 Million for First Year as CEO Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. The information shown here is a reporting of information included in the company's proxy statement. Incentives matter too. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. She also set in motion a strategy last April to withdraw from 13 retail banking markets in the Eastern Hemisphere and later added Mexico to that list. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. (Editing by Lauren Silva Laughlin and Sharon Lam). Do Not Sell My Personal Information (CA Residents Only). Morgan Stanley shares were up around 25% over the same time. Leadership Team - Jane Fraser | Citi 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. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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She has been CEO of four Citi units and presently heads up a fifth and the largest, the Global Consumer Bank and is President of the entire company. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. 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. Jane Fraser, Chief Executive Officer, Citi. Fraser's compensation includes a $1.3 . Citi boosts Fraser's pay 8.9% to $24.5M | Banking Dive In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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 Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Jane Fraser talks about the critical role of cross-border data in growing Citi's revenues and future business strategy. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Chuck Klusman on LinkedIn: Citi on LinkedIn: CEO Jane Fraser | CNBC Will His AI Plans Be Any Different? In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. But on Wall Street, she is a poor cousin. Jennifer Surane. Thats less sensible than it sounds. Jane Fraser (executive) - Wikipedia She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9% Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. - 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. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. Please disable your ad-blocker and refresh. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The "global . Will Others Follow? Type a symbol or company name. Shes the first female CEO of a major US bank. 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. Crain's Extra: Citigroup CEO Jane Fraser needs vassals to support her Citi's Jane Fraser embodies Wall Street's pay gap | Nasdaq Jane Fraser on Rethinking Citigroup's Mission, Inclusivity | TIME However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Jane Fraser Net Worth (2022) | wallmine The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. All rights reserved. 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. But on Wall Street, she is a poor cousin. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Mike Corbat, Citigroup's chief executive, was paid $24m last year. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. 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. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. 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. We've received your submission. 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. CITIGROUP INC Executive Salaries & Other Compensation - Salary.com 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. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. 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. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Citigroup CEO Jane Fraser's total pay for 2023 set at $24.5 million 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. 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