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. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. 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. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. March 24, 2021. 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. Far better than ending up as a troubled bank with a demotivated leader. The information shown here is a reporting of information included in the company's proxy statement. Our Standards: The Thomson Reuters Trust Principles. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. ET, Presented by studioID and Dun and Bradstreet, Webinar 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. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. But on Wall Street, she is a poor cousin. Copy and paste multiple symbols separated by spaces. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. Fraser's compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Ms Fraser's total pay in 2021 was $22.5 million. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. (The author is a Reuters Breakingviews columnist. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Want to share a company announcement with your peers? You may also find the annual proxy statement by going directly to the company's website. 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. 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 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. - 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. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. This copy is for your personal, non-commercial use only. If you have an ad-blocker enabled you may be blocked from proceeding. 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. NEW YORK (Reuters Breakingviews) - Jane Frasers $22.5 million package https://www.sec.gov/ix?doc=/Archives/edgar/data/0000831001/000110465922022820/c-20220210x8k.htm for running Citigroup embodies a Wall Street pay gap. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. She joined Citi in 2004 in the Corporate and Investment Banking division. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. She took over as the first female chief executive of a major Wall Street bank in February 2021. I vividly remember March 6 last year. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Half of Frasers non-base-pay compensation derives from the PSUs. 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 When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Before becoming CEO, she was . Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Feb. 28. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. 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 the head of its consumer businesses, the bank disclosed on Monday. 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. 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. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. The industry leader for online information for tax, accounting and finance professionals. Citi picks Jane Fraser as next CEO first woman to lead the bank. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. 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. Jane Fraser's picture. - 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. See here for a complete list of exchanges and delays. - 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 would leave China, Russia, Poland and Bahrain as well as Mexico as the markets from which Citi has yet to determine an exit plan. Distribution and use of this material are governed by For its 2021 fiscal year, CITIGROUP INC, listed the following board members on its annual proxy statement to the SEC. Her main source of income is from her primary work as a business executive and CEO. Jennifer Surane. Thats less sensible than it sounds. 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For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. 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. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. This report is not for commercial use. 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. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. 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. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Thorough reviews have been conducted to assure this data accurately reflects disclosures. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Reuters->. 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. She has been tasked with simplifying the banks structure and getting its profitability on par with rivals. 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. Since Fraser took over the reins at Citi (. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Will Others Follow? She is the. 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. That was when it really hit me that . All quotes delayed a minimum of 15 minutes. 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. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Thanks for contacting us. Ms. Fraser received a $1.5 million salary and a $3.45 million cash bonus, according to a. Its the only big U.S. bank stock that fell between Feb. 26, when Fraser took over, and the year end. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Musk Made a Mess at Twitter. 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. You may also find the annual proxy statement by going directly to the company's website. 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. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. Create your Watchlist to save your favorite quotes on Nasdaq.com. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. Vroom reports earnings. 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. Frasers compensation is less than that previously announced for more experienced CEOs of other big banks, which are more profitable. 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. . - 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. Incentives matter too. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Jane Fraser, Citigroup's incoming CEO, announced a new accountability-focused team on Tuesday. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. articles a month for anyone to read, even non-subscribers! The industry leader for online information for tax, accounting and finance professionals. Ms. Fraser, who became chief executive on March 1, 2021, was given a salary of $1.33 million. The charts on this page feature a breakdown of the total annual pay for the top executives at CITIGROUP INC as reported in their proxy statements. In this episode, Bronson explains how the lessons he learned in the kitchen translated to the booth, the reason money can never be the motivation for creating art, and why he believes that imperfections are the best part of any masterpiece. CEO compensation has risen steadily since the late 1970s. Jane Fraser net worth is estimated at around $25 million. 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. Fraser's compensation includes a $1.3 . It was a Friday. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. | 2 p.m. Ms Fraser's total pay in 2021 was $22.5 million. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. To any normal human, Fraser makes out like a bandit, getting 350 times more than the average New York City household https://www.census.gov/quickfacts/newyorkcitynewyork. See here for a complete list of exchanges and delays. All proxy statements are public filings made available to the general public by the SEC. | 1 p.m. Coronavirus Tips Working and Protection. 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. Mr. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. 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. This website follows the DNPA Code of Ethics Copyright NDTV Convergence Limited 2023. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. All quotes delayed a minimum of 15 minutes. That's down from 29% in the first year Citi reported the figures. 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. Fraser was Citis president and head of the consumer business for the 2020 pay period. 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. Shes the first female CEO of a major US bank. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. However, women make 99% of what men do when they're given the same titles and have similar levels of experience, Citi said. Thats less sensible than it sounds. Do Not Sell My Personal Information (CA Residents Only). Citigroup Inc. awarded Chief Executive Officer Jane Fraser $22.5 million for her work in 2021 after she assumed the top job in February and helped guide the bank through regulatory hurdles. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Ms Fraser's total pay in 2021 was $22.5 million. 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. 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. Citi veteran Jane Fraser has been named Michael Corbat's successor. Fraser's rise is the result of a multiyear effort at Citi, the $74. Fraser, 54, comes to the role of CEO armed with a resume straight out of Wall Street central casting. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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). Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. But Fraser starts off on the back foot, thanks to years of value destruction under predecessor Mike Corbat. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. NEW YORK, Feb 15 (Reuters Breakingviews) - Jane Frasers $22.5 million package for running Citigroup (C.N) embodies a Wall Street pay gap. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Jane Fraser's promotion as the incoming CEO of Citigroup will make her the first woman to head a major Wall Street bank. Pelosi, other stock-trading pols could avoid capital gains REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Celeb-loved jewelry brand Dorsey drops dazzling new styles, White Lotus actor jokes about being hit on following shows success, Is this the couple behind the Worst Art Job Listing Ever?, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. Type a symbol or company name. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. 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 formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Bank of America boss Brian Moynihan is in line for $32 million. 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. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. See here for a complete list of exchanges and delays. New and used auto sales are hotter than a car left in a mall parking lot all afternoon, and online sales may be the wave of the future. 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. 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. Fiscal Year Ended in 2021 The charts on this page feature a breakdown of the total annual pay for the top executives at CITIGROUP INC as reported in their proxy statements. All proxy statements are public filings made available to the general public by the SEC. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. On the surface, Citis performance explains the difference. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The opinions expressed are his own.). Is this happening to you frequently? She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. 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. our Subscriber Agreement and by copyright law. JPMorgan Chase & Co (JPM.N) head Jamie Dimon is receiving $34.5 million for 2021. "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. The bank paid Fraser $22.5mn for her work in 2021, when she took over as CEO at the end of February, replacing Mike Corbat, reported Financial Times. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. Bank of America boss Brian Moynihan is in line for $32 million. Citigroup Inc. paid Chief Executive Jane Fraser $24.5 million for 2022, up 9% from the prior year. 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. California Weighs $360,000 in Reparations to Eligible Black Residents. As data privacy regulations around the In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. Citigroup said on Tuesday it provides regulators with its plans and progress on remediation efforts on an ongoing basis and is working constructively with the regulators to take their feedback. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. , 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 - 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. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Our Standards: The Thomson Reuters Trust Principles. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Please. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. 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%. Get the free daily newsletter read by industry experts. 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. 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. We've received your submission. Please disable your ad-blocker and refresh. read more. This information is according to proxy statements filed for the 2021 fiscal year. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, Twitter Revenue, Earnings Fell About 40% in December, WSJ Says, John Malone andCharter Directors Agree to $87.5 Million Settlement, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Between Rounds of Golf, Trumps Searching for the Perfect DeSantis Diss, Your Saturday UK Briefing: Sunak Chalks Up a Win as the Budget Looms, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece.

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