I vividly remember March 6 last year. Get started Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. 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Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. 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. Shes the first female CEO of a major US bank. The industry leader for online information for tax, accounting and finance professionals. Please. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. Her route to being the first woman to head a top 5 U.S. bank included stops at Goldman and McKinsey. Our Standards: The Thomson Reuters Trust Principles. Fraser's rise is the result of a multiyear effort at Citi, the $74. 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. 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. Thats up from 35% last year. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Mike Corbat, Citigroup's chief executive, was paid $24m last year. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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). - 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. Opinions expressed are those of the author. 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The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. All rights reserved. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. That could fuel analysts questions at TDs earnings call Thursday. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Jane Fraser, Chief Executive Officer, Citi. 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. Is this happening to you frequently? (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. See here for a complete list of exchanges and delays. CEO compensation has risen steadily since the late 1970s. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. 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. Ms Fraser's total pay in 2021 was $22.5 million. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. JPMorgan Chase & Cohead Jamie Dimon is receiving $34.5 million for 2021. That was when it really hit me that . Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. Do Not Sell My Personal Information (CA Residents Only). Get the free daily newsletter read by industry experts. 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. She has been tasked with simplifying the bank's structure and getting its profitability on par with rivals. Citigroup Inc. paid new Chief Executive Jane Fraser $22.5 million for her first year on the job. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Fraser's compensation includes a $1.3 . Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. 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. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Our Standards: The Thomson Reuters Trust Principles. The "global . Ms Fraser's total pay in 2021 was $22.5 million. If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. Follow @johnsfoley https://twitter.com/johnsfoley on Twitter. 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Distribution and use of this material are governed by 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 . 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. California Weighs $360,000 in Reparations to Eligible Black Residents. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. On the surface, Citis performance explains the difference. . 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