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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. 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. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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'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. Latest Update on the Future of Work at Citi. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing 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. Far better than ending up as a troubled bank with a demotivated leader. (Editing by Lauren Silva Laughlin and Sharon Lam). 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. But on Wall Street, she is a poor cousin. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. articles a month for anyone to read, even non-subscribers! 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%. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. 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. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. - 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. 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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. 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. She joined Citi in 2004 in the Corporate and Investment Banking division. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. Want to share a company announcement with your peers? A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. You may also find the annual proxy statement by going directly to the company's website. Ms. Fraser owns over 32,400 units of Citigroup Inc stock worth over $5,179,478 and over the last 5 years she sold C stock worth over $2,512,944. Not the one that runs along gender lines though Fraser does get a third less than her male peers. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. John Foley for Will His AI Plans Be Any Different? 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CONTEXT NEWS. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. On her first day as CEO, she pledged that the bank would achieve net-zero greenhouse-gas emissionsin its financing activities by 2050. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Bank of America boss Brian Moynihan is in line for $32 million. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. The information shown here is a reporting of information included in the company's proxy statement. Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. 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. . 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. That's down from 29% in the first year Citi reported the figures. Musk Made a Mess at Twitter. 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. CEO compensation has risen steadily since the late 1970s. The industry leader for online information for tax, accounting and finance professionals. . To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Before becoming CEO, she was . 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. 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. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business.
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