Meet Citigroup’s Next CEO, Jane Fraser, First Woman to Run a US Banking Giant

By Thomas Price Thursday, September 17, 2020

After eight years as Citigroup's CEO, Michael Corbat released a statement on September 10, stating that he will be retiring from the position. During his time at the helm, Corbat saw Citigroup’s stock prices rise by 42%, which, in a vacuum, could label his tenure a success, however, in comparison to a comparable company such as JPMorgan, whose stock increased by 141% during that same period of time, Citigroup’s choice for who will replace Corbat was an important one. The company agreed upon Jane Fraser, who has been with the company in various roles since 2004, including her most recent position as President of Citigroup and Head of Global Consumer Banking. So, who exactly is Jane Fraser, and what can she bring to the table for Citigroup moving forward?

Background and Career History

Fraser received her degree from Girton College, Cambridge, worked at Goldman Sachs as an analyst for mergers and acquisitions and then earned her Master’s degree from Harvard Business School. In her years before joining Citigroup, Fraser started her current career trajectory by working at Mckinsey and Company, where she eventually rose to become a partner.

After being recruited by Citigroup in 2004, Fraser quickly rose through the ranks serving at various different executive positions throughout that time, which led to significant decisions falling on her shoulders during the financial crisis and following it as banks began their slow road to recovery. During her time as the Global Head of Strategy and Mergers and Acquisitions, Fraser oversaw massive restructuring that helped Citigroup emerge still intact from the financial crisis. This work continued as she became the CEO of Citi Private Bank in 2009, where she was praised for her leadership in turning a $250 million annual deficit back into profits over the four years she spent in this role.

How this Changes Representation for Executives

Women are extremely underrepresented at the highest level for finance and executive positions. Citigroup is the closest to equal representation, with nearly 50% of its board members being women. When it comes to representation within the industry as a whole, the numbers are far less positive. Of all the companies on the Fortune 500 list, less than 10% of the entire group have female CEOs. This does come with modest signs of improvement as Citigroup is joining other companies in having a female CEO. Companies such as Clorox, Gap, and UPS have added female CEOs within the past few months. However, these strides in creating a more equally represented workforce are still a part of nothing more than that 10%.

Final Conclusions

Jane Fraser becoming the new CEO of Citigroup is a decision that has been apparent since she was positioned as its president. However, beyond simply that, it is a decision based on years spent in the company as a large-scale leader through challenging times. Her accomplishments paint her a capable, new CEO who could possibly be the key to ensuring a profitable future for Citigroup. With Citigroup’s revenue down 12.24% in their most recent quarterly reports at the end of June compared to their report 12 months ago, Fraser will be the one looked at to turn the company toward more positive outlooks during her time as the company’s CEO.

About the Author

Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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