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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay versus Performance
The information contained in this section shall not be deemed incorporated by reference in any filing under the Securities Act of 1933
or
the Securities Exchange Act of 1934.
Pay versus Performance Table
The following table sets forth compensation information of our Principal Executive Officer (PEO) and our non-PEO NEOs along with total shareholder return, net income and ROE performance results for our fiscal years ending in 2023, 2022, 2021, and 2020 in accordance with Item 402(v) of Regulation S-K.
 
                   
Value of Initial Fixed $100
Investment Based On:
 
        
Year
(a)
  
Summary
Compensation
Table Total
for PEO
(1)
(b)
  
Compensation
Actually Paid
to PEO
(1),(2)
(c)
  
Average
Summary
Compensation
Table Total
for Non-PEO
NEOs
(1)
(d)
  
Average
Compensation
Actually Paid
to Non-PEO
NEOs
(1),(2)
(e)
  
Total
Shareholder
Return
(3)
(f)
  
Peer Group
Total
Shareholder
Return
(3),(4)
(g)
  
Net
Income
$M
(h)
  
Company 
Selected 
Measure: 
Return on 
Equity
(5)
 
(i)
2023
     $ 35,676,905     $ 62,343,130     $ 11,989,458     $ 18,255,375     $ 159     $ 133     $ 8,374    
 
32
% 
2022
     $ 48,029,631     $ 42,946,184     $ 16,164,592     $ 14,676,078     $ 124     $ 118     $ 7,514       32 % 
2021
     $ 25,513,922     $ 49,856,563     $ 13,006,174     $ 21,986,724     $ 135     $ 132     $ 8,060       34 % 
2020
     $ 24,221,319     $ 20,125,419     $ 10,917,918     $ 9,893,026     $ 98     $ 97     $ 3,135       14 % 
 
(1)
 
The PEO reflected in columns (b) and (c) represents Mr. Squeri for all four years shown. The non-PEO Named Executive Officers (NEOs) reflected in columns (d) and (e) represent the following individuals for 2023: Messrs. Le Caillec, Buckminster, Campbell, Williams and Ms. Seeger; for 2022, represent: Messrs. Campbell, Williams, Buckminster and Radhakrishnan; and for 2021 and 2020: Messrs Campbell, Buckminster, Williams and Ms. Seeger. Mr. Le Caillec’s compensation was increased effective August 2023 as a result of his promotion to CFO. The 2023 non-PEO NEO compensation listed in columns (d) and (e) reflect Mr. Le Caillec’s base salary and prorated AIA for the time spent in each role.
 
(2)
 
Compensation Actually Paid (CAP) has been calculated based on the requirements and methodology set forth in the applicable SEC rules (Item 402(v) of Regulation S-K).
 
 
The CAP calculation includes the
end-of-year
value of awards granted within the fiscal year, the change in fair value from prior year-end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of if, when or at which intrinsic value they will actually vest. To calculate CAP the following amounts were deducted from and added to the total compensation number shown in the Summary Compensation Table (SCT):
PEO SCT Total to CAP Reconciliation:
 
  
 
  
 
2023
Summary Compensation Table (SCT) Total
    
$
 35,676,905
Deduction for change in the actuarial present values reported under “Change in Pension Value and Nonqualified Deferred Compensation Earnings” in the SCT
     $ (64,534 )
Deduction for amounts reported under “Stock Awards” in the SCT
     $ (19,287,280 )
Deduction for amounts reported under “Option Awards” in the SCT
     $ (4,449,964 )
Total deductions
   
$
 (23,801,778
)
Increase for service cost and prior service cost for pension plans
(i)
       — 
Increase/deduction for change in fair value from prior year-end to vesting date of awards that vested during the year
(ii)(iii)
     $ 4,108,459
Increase/deduction for change in fair value from prior year-end to current year-end of awards granted in any prior year that were outstanding and unvested as of year-end
(ii)
     $ 19,802,797
Increase for fair value of awards granted during year that remain unvested as of year-end
(ii)
     $ 25,895,746
Increase based on accrued dividends during year prior to vesting dates of awards
(ii)
     $ 661,001
Total adjustments
    
$
 50,468,003
Compensation Actually Paid (SCT minus deductions plus total adjustments)
    
$
 62,343,130
 
 
Average Non-PEO NEO SCT Total to CAP Reconciliation
 
  
 
  
 
2023
Summary Compensation Table (SCT) Total
    
$
11,989,458
Deduction for change in the actuarial present values reported under “Change in Pension Value and Nonqualified Deferred Compensation Earnings” in the SCT
     $ (41,069 )
Deduction for amounts reported under “Stock Awards” in the SCT
     $ (4,863,057 )
Deduction for amounts reported under “Option Awards” in the SCT
     $ (947,970 )
Total deductions
    
$
 (5,852,096
)
Increase for service cost and prior service cost for pension plans
(i)
       — 
Increase/deduction for change in fair value from prior year-end to vesting date of awards that vested during the year
(ii)
(iii)
     $ 1,243,180
Increase/deduction for change in fair value from prior year-end to current year-end of awards granted in any prior year that were outstanding and unvested as of year-end
(ii)
     $ 4,341,023
Increase for fair value of awards granted during year that remain unvested as of year-end
(ii)
     $ 6,339,441
Increase based on accrued dividends during year prior to vesting dates of awards
(ii)
     $ 194,369
Total adjustments
    
$
 12,118,012
Compensation Actually Paid (SCT minus deductions plus total adjustments)
    
$
 18,255,375
 
 
(i)
 
Benefit accruals were discontinued in the defined benefit (DB) pension plans in 2007; therefore, their service cost subsequent to this date is zero. The DB pension plans have not been amended during 2023 to change the value of the benefits provided under the plans; therefore, there is no prior service cost in this period.
 
 
(ii)
 
Fair value is determined in a manner consistent with that disclosed in our consolidated financial statements. Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to:
 
 
¾
  
For RSU awards (excluding performance based RSUs), closing price on applicable
year-end
date(s) or, in the case of vesting dates, the actual vesting price.
 
 
¾
  
For PRSUs awarded from 2019 onwards (which include a relative TSR performance condition in addition to a relative ROE performance condition as outlined on page 60), the fair value was estimated using a Monte Carlo simulation model multiplied by an estimate of the probable payout percentage as of the applicable year-end dates, or, in the case of vesting awards, the actual vesting price and outcome.
 
 
¾
  
For stock options, a Black Scholes value as of the applicable year-end or vesting date, determined based on the same methodology as used to determine grant date fair value but using the closing stock price on the applicable revaluation date as the current market price and with an expected term set using an elapsed term approach. This approach estimates expected term by subtracting the amount of time that has elapsed (between the grant and subsequent valuation dates) from the initial grant-date expected term estimate divided by the percentage change between the option’s strike price and the stock price at the valuation date. Volatility (based on historical and implied volatilities), risk-free rates and dividend yield are determined as of the revaluation date based on the expected term.
 
 
¾
  
For PSO awards (which include a relative Total TSR performance condition as outlined on page 60), the fair value was estimated using a Monte Carlo simulation model as of the applicable year-end dates.
 
 
(iii)
 
Vested awards have met the requisite service period as well as achieved the performance and market conditions, if applicable.
 
(3)
 
Reflects cumulative Total Shareholder Return (TSR). It shows the growth of a $100 investment on December 31, 2019, including the reinvestment of all dividends.
 
(4)
 
Peer TSR reflects the TSR of the S&P Financials Index, the industry index peer group reported in the Company’s Stock Performance Graph in the 2023 Annual Report on Form
10-K.
 
(5)
 
ROE is calculated for the relevant periods by dividing the (i) net income for the period by (ii) average shareholders’ equity for the period.
 
      
Company Selected Measure Name Return on Equity      
Named Executive Officers, Footnote
(1)
 
The PEO reflected in columns (b) and (c) represents Mr. Squeri for all four years shown. The non-PEO Named Executive Officers (NEOs) reflected in columns (d) and (e) represent the following individuals for 2023: Messrs. Le Caillec, Buckminster, Campbell, Williams and Ms. Seeger; for 2022, represent: Messrs. Campbell, Williams, Buckminster and Radhakrishnan; and for 2021 and 2020: Messrs Campbell, Buckminster, Williams and Ms. Seeger. Mr. Le Caillec’s compensation was increased effective August 2023 as a result of his promotion to CFO. The 2023 non-PEO NEO compensation listed in columns (d) and (e) reflect Mr. Le Caillec’s base salary and prorated AIA for the time spent in each role.
     
Peer Group Issuers, Footnote
(3)
 
Reflects cumulative Total Shareholder Return (TSR). It shows the growth of a $100 investment on December 31, 2019, including the reinvestment of all dividends.
 
(4)
 
Peer TSR reflects the TSR of the S&P Financials Index, the industry index peer group reported in the Company’s Stock Performance Graph in the 2023 Annual Report on Form
10-K.
      
PEO Total Compensation Amount $ 35,676,905 $ 48,029,631 $ 25,513,922 $ 24,221,319
PEO Actually Paid Compensation Amount $ 62,343,130 42,946,184 49,856,563 20,125,419
Adjustment To PEO Compensation, Footnote
(2)
 
Compensation Actually Paid (CAP) has been calculated based on the requirements and methodology set forth in the applicable SEC rules (Item 402(v) of Regulation S-K).
 
 
The CAP calculation includes the
end-of-year
value of awards granted within the fiscal year, the change in fair value from prior year-end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of if, when or at which intrinsic value they will actually vest. To calculate CAP the following amounts were deducted from and added to the total compensation number shown in the Summary Compensation Table (SCT):
PEO SCT Total to CAP Reconciliation:
 
  
 
  
 
2023
Summary Compensation Table (SCT) Total
    
$
 35,676,905
Deduction for change in the actuarial present values reported under “Change in Pension Value and Nonqualified Deferred Compensation Earnings” in the SCT
     $ (64,534 )
Deduction for amounts reported under “Stock Awards” in the SCT
     $ (19,287,280 )
Deduction for amounts reported under “Option Awards” in the SCT
     $ (4,449,964 )
Total deductions
   
$
 (23,801,778
)
Increase for service cost and prior service cost for pension plans
(i)
       — 
Increase/deduction for change in fair value from prior year-end to vesting date of awards that vested during the year
(ii)(iii)
     $ 4,108,459
Increase/deduction for change in fair value from prior year-end to current year-end of awards granted in any prior year that were outstanding and unvested as of year-end
(ii)
     $ 19,802,797
Increase for fair value of awards granted during year that remain unvested as of year-end
(ii)
     $ 25,895,746
Increase based on accrued dividends during year prior to vesting dates of awards
(ii)
     $ 661,001
Total adjustments
    
$
 50,468,003
Compensation Actually Paid (SCT minus deductions plus total adjustments)
    
$
 62,343,130
 
(i)
 
Benefit accruals were discontinued in the defined benefit (DB) pension plans in 2007; therefore, their service cost subsequent to this date is zero. The DB pension plans have not been amended during 2023 to change the value of the benefits provided under the plans; therefore, there is no prior service cost in this period.
 
 
(ii)
 
Fair value is determined in a manner consistent with that disclosed in our consolidated financial statements. Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to:
 
 
¾
  
For RSU awards (excluding performance based RSUs), closing price on applicable
year-end
date(s) or, in the case of vesting dates, the actual vesting price.
 
 
¾
  
For PRSUs awarded from 2019 onwards (which include a relative TSR performance condition in addition to a relative ROE performance condition as outlined on page 60), the fair value was estimated using a Monte Carlo simulation model multiplied by an estimate of the probable payout percentage as of the applicable year-end dates, or, in the case of vesting awards, the actual vesting price and outcome.
 
 
¾
  
For stock options, a Black Scholes value as of the applicable year-end or vesting date, determined based on the same methodology as used to determine grant date fair value but using the closing stock price on the applicable revaluation date as the current market price and with an expected term set using an elapsed term approach. This approach estimates expected term by subtracting the amount of time that has elapsed (between the grant and subsequent valuation dates) from the initial grant-date expected term estimate divided by the percentage change between the option’s strike price and the stock price at the valuation date. Volatility (based on historical and implied volatilities), risk-free rates and dividend yield are determined as of the revaluation date based on the expected term.
 
 
¾
  
For PSO awards (which include a relative Total TSR performance condition as outlined on page 60), the fair value was estimated using a Monte Carlo simulation model as of the applicable year-end dates.
 
 
(iii)
 
Vested awards have met the requisite service period as well as achieved the performance and market conditions, if applicable.
     
Non-PEO NEO Average Total Compensation Amount $ 11,989,458 16,164,592 13,006,174 10,917,918
Non-PEO NEO Average Compensation Actually Paid Amount $ 18,255,375 14,676,078 21,986,724 9,893,026
Adjustment to Non-PEO NEO Compensation Footnote
(2)
 
Compensation Actually Paid (CAP) has been calculated based on the requirements and methodology set forth in the applicable SEC rules (Item 402(v) of Regulation S-K).
 
 
The CAP calculation includes the
end-of-year
value of awards granted within the fiscal year, the change in fair value from prior year-end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of if, when or at which intrinsic value they will actually vest. To calculate CAP the following amounts were deducted from and added to the total compensation number shown in the Summary Compensation Table (SCT):
Average Non-PEO NEO SCT Total to CAP Reconciliation
 
  
 
  
 
2023
Summary Compensation Table (SCT) Total
    
$
11,989,458
Deduction for change in the actuarial present values reported under “Change in Pension Value and Nonqualified Deferred Compensation Earnings” in the SCT
     $ (41,069 )
Deduction for amounts reported under “Stock Awards” in the SCT
     $ (4,863,057 )
Deduction for amounts reported under “Option Awards” in the SCT
     $ (947,970 )
Total deductions
    
$
 (5,852,096
)
Increase for service cost and prior service cost for pension plans
(i)
       — 
Increase/deduction for change in fair value from prior year-end to vesting date of awards that vested during the year
(ii)
(iii)
     $ 1,243,180
Increase/deduction for change in fair value from prior year-end to current year-end of awards granted in any prior year that were outstanding and unvested as of year-end
(ii)
     $ 4,341,023
Increase for fair value of awards granted during year that remain unvested as of year-end
(ii)
     $ 6,339,441
Increase based on accrued dividends during year prior to vesting dates of awards
(ii)
     $ 194,369
Total adjustments
    
$
 12,118,012
Compensation Actually Paid (SCT minus deductions plus total adjustments)
    
$
 18,255,375
 
 
(i)
 
Benefit accruals were discontinued in the defined benefit (DB) pension plans in 2007; therefore, their service cost subsequent to this date is zero. The DB pension plans have not been amended during 2023 to change the value of the benefits provided under the plans; therefore, there is no prior service cost in this period.
 
 
(ii)
 
Fair value is determined in a manner consistent with that disclosed in our consolidated financial statements. Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to:
 
 
¾
  
For RSU awards (excluding performance based RSUs), closing price on applicable
year-end
date(s) or, in the case of vesting dates, the actual vesting price.
 
 
¾
  
For PRSUs awarded from 2019 onwards (which include a relative TSR performance condition in addition to a relative ROE performance condition as outlined on page 60), the fair value was estimated using a Monte Carlo simulation model multiplied by an estimate of the probable payout percentage as of the applicable year-end dates, or, in the case of vesting awards, the actual vesting price and outcome.
 
 
¾
  
For stock options, a Black Scholes value as of the applicable year-end or vesting date, determined based on the same methodology as used to determine grant date fair value but using the closing stock price on the applicable revaluation date as the current market price and with an expected term set using an elapsed term approach. This approach estimates expected term by subtracting the amount of time that has elapsed (between the grant and subsequent valuation dates) from the initial grant-date expected term estimate divided by the percentage change between the option’s strike price and the stock price at the valuation date. Volatility (based on historical and implied volatilities), risk-free rates and dividend yield are determined as of the revaluation date based on the expected term.
 
 
¾
  
For PSO awards (which include a relative Total TSR performance condition as outlined on page 60), the fair value was estimated using a Monte Carlo simulation model as of the applicable year-end dates.
 
 
(iii)
 
Vested awards have met the requisite service period as well as achieved the performance and market conditions, if applicable.
     
Compensation Actually Paid vs. Total Shareholder Return
COMPENSATION ACTUALLY PAID VERSUS TSR AND NET INCOME
Approximately 70% of CEO (PEO) total compensation and on average 50% of total compensation for non-PEO NEOs is composed of long-term incentive awards that are tied to the future performance of the Company, including stock price and positive cumulative net income. As a result, the changes in CAP year-over-year are in line with TSR and net income.
 
 
LOGO
 
      
Compensation Actually Paid vs. Net Income
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
COMPENSATION ACTUALLY PAID VERSUS ROE
ROE is a key financial metric in both the Company’s AIA and LTIA programs because it aligns the interests of the executives with shareholders. In addition, sustaining a strong ROE is a key driver of long-term value creation.
 
 

      
Total Shareholder Return Vs Peer Group
TOTAL SHAREHOLDER RETURN: COMPANY VERSUS S&P FINANCIALS INDEX
The Company’s four-year cumulative TSR is well above the companies included in the S&P Financials Index and the Company’s TSR has been above that of the S&P Financials Index in each year during that four-year period.
 
LOGO
     
Tabular List, Table
Tabular List of Performance Metrics
The items listed below represent three financial metrics used to determine executive compensation for 2023. Further detail on all metrics included in our Company Scorecard are described in our Compensation Discussion and Analysis (CD&A) starting on page 58.
 
Performance Metrics
Return on Equity
Earnings Per Share
Revenue Growth
      
Total Shareholder Return Amount $ 159 124 135 98
Peer Group Total Shareholder Return Amount 133 118 132 97
Net Income (Loss) $ 8,374,000,000 $ 7,514,000,000 $ 8,060,000,000 $ 3,135,000,000
Company Selected Measure Amount 0.32 0.32 0.34 0.14
PEO Name Mr. Squeri      
Measure:: 1        
Pay vs Performance Disclosure        
Name Return on Equity      
Measure:: 2        
Pay vs Performance Disclosure        
Name Earnings Per Share      
Measure:: 3        
Pay vs Performance Disclosure        
Name Revenue Growth      
PEO | Deduction for change in the actuarial present values reported under "Change in Pension Value and Nonqualified Deferred Compensation Earnings" [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (64,534)      
PEO | Deduction for amounts reported under "Stock Awards" [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (19,287,280)      
PEO | Deduction for amounts reported under "Option Awards" [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,449,964)      
PEO | Total deductions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (23,801,778)      
PEO | Increase/deduction for change in fair value from prior year end to vesting date of awards that vested during the year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,108,459      
PEO | Increase/deduction for change in fair value from prior year end to current year end of awards granted prior to year that were outstanding and unvested as of year end [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 19,802,797      
PEO | Increase for fair value of awards granted during year that remain unvested as of year end [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 25,895,746      
PEO | Increase based on accrued dividends during year prior to vesting dates of awards        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 661,001      
PEO | Total adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 50,468,003      
Non-PEO NEO | Deduction for change in the actuarial present values reported under "Change in Pension Value and Nonqualified Deferred Compensation Earnings" [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (41,069)      
Non-PEO NEO | Deduction for amounts reported under "Stock Awards" [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,863,057)      
Non-PEO NEO | Deduction for amounts reported under "Option Awards" [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (947,970)      
Non-PEO NEO | Total deductions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (5,852,096)      
Non-PEO NEO | Increase/deduction for change in fair value from prior year end to vesting date of awards that vested during the year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,243,180      
Non-PEO NEO | Increase/deduction for change in fair value from prior year end to current year end of awards granted prior to year that were outstanding and unvested as of year end [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,341,023      
Non-PEO NEO | Increase for fair value of awards granted during year that remain unvested as of year end [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 6,339,441      
Non-PEO NEO | Increase based on accrued dividends during year prior to vesting dates of awards        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 194,369      
Non-PEO NEO | Total adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 12,118,012