Jane Fraser was named the Chief Executive Officer of the Citigroup on 10th September, breaking the glass ceiling and making her the first woman ever to lead a major bank in the United States.
She is set to replace Michael Corbat, who served as the CEO for eight years and is due to retire in February next year.
Fraser will be at the helm in a time of massive economic crisis when most banks have seen their fortunes dwindle; Citi’s shares have fallen by 35 per cent this year.
“We believe Jane is the right person to build on Mike’s record and take Citi to the next level,” Citi’s chairman John Dugan said in a statement. “She has deep experience across our lines of business and regions and we are highly confident in her.”
The 53-year-old Fraser is currently the Chief Executive Officer and President of Citi’s Global Consumer Banking. She has been associated with Citigroup in various capacities for over one and a half decade. She served as the Chief Executive Officer of Citi’s Latin American region from 2015 to 2019. Prior to that, from 2013 to 2015, she was the Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage. From 2009 to 2013, she served as the Chief Executive Officer of Citi’s Private Bank. She was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009 and she joined Citi in 2004 in the Corporate and Investment Banking division.
She has also worked with the consulting giant McKinsey and with Goldman Sachs before she joined Citi.
On being appointed, Jane Fraser said in a statement, “I am honored by the Board’s decision and grateful to Mike for his leadership and support. The way our team has come together during this pandemic shows what Citi is made of. Our balance sheet is strong and our commitment to serving our clients and communities is even stronger. I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank and improve our returns.”
We hope Fraser’s appointment will inspire many women across the world to make a career in the financial sector!