John Foley for Coronavirus Tips Working and Protection. Copy and paste multiple symbols separated by spaces. - 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. All rights reserved. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Will His AI Plans Be Any Different? 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). Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Musk Made a Mess at Twitter. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. Subscribe to Banking Dive for top news, trends & analysis. Please disable your ad-blocker and refresh. Jane Fraser's picture. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. Type a symbol or company name. All quotes delayed a minimum of 15 minutes. Fraser was Citi's. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Before joining Citi, Jane was a Partner at McKinsey & Company. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Watch: YouTuber Destroys Lamborghini Worth Over Rs 3 Crore Because Citigroup Raises CEO Jane Fraser's Salary To $24.5 Million, US Banking Giants Face Over $1 Billion in Fines Over Unauthorised Email, WhatsApp Use, Citi Trader's Error Wiped Out $315 Billion From Europe Stocks In Minutes, Citi Is Next Among International Banks Scaling Down India Operations, For Rs 24 Lakh A Year, You Can Now Live On A Cruise Ship, UP Man Arrested For Raping Relative, Posting Her Nude Pictures Online, BRS Leader K Kavitha To Hold Protest In Delhi On March 10 To Demand Women's Reservation Bill, WPL Opening Ceremony: Kiara, Kriti, AP Dhillon Set Stage On Fire, Watch: Kiara Advani, Kriti Sanon And AP Dhillon Thrill In WPL 2023 Opening, Watch: Stump Mic Catches Iyer's Hilarious Comment On Head's Stance, WPL Live: Matthews Departs For 47, Mumbai Indians 3 Down vs Gujarat Giants, "Ready To Talk, But": Himanta Sarma To Ex Royal's Party (Tipra Motha), "Forget Bumrah": India Star's Blunt Remark On Pacer's Prolonged Absence, US Politician Under Investigation For "Tax The Rich" Met Gala Dress, Bill Gates "More Optimistic Than Ever" About India After Meet With PM Modi, This website follows the DNPA Code of Ethics. 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'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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. If a company isnt doing well, its board and investors should want the best person to clean it up. This information is according to proxy statements filed for the 2021 fiscal year. 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. Opinions expressed are those of the author. 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. 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. 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. 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. 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. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. She's the only CEO of a top-six U.S. bank to receive a raise last year. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. Morgan Stanley shares were up around 25% over the same time. See here for a complete list of exchanges and delays. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. Morgan Stanley shares were up around 25% over the same time. 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. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. Mr. She is the first woman to lead a U.S.-based Wall Street bank, and Citi long before Frasers ascent positioned itself as a market leader on gender equality. But on Wall Street, she is a poor cousin. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Fraser's rise is the result of a multiyear effort at Citi, the $74. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Get the free daily newsletter read by industry experts. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. Our Standards: The Thomson Reuters Trust Principles. It was a Friday. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. She also received $16,800 in other forms of compensation. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. You may also find the annual proxy statement by going directly to the company's website. She is the. See here for a complete list of exchanges and delays. "Notwithstanding challenging macroeconomic and geopolitical developments, under Ms Fraser's leadership Citi made solid progress on each of our priorities, and the compensation committee recognises the strategic direction that took shape during 2022," Citi said in its filing. 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. I vividly remember March 6 last 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. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Citi had slashed Corbats pay by 21% to $19 million for his final year in the job as the pandemic hit the banks profits and shortcomings emerged in its risk controls. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Written by Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. This report is not for commercial use. Jane Fraser's salary per month and other career earnings are over $1.2 million dollars annually. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. See here for a complete list of exchanges and delays. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. - 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. CONTEXT NEWS. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. 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. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end.
Avant Take Home Assessment, Do I Have Bedroom Eyes Quiz, How Do You Soften Stiff Corduroys?, Articles J