Jane Fraser to become Citi CEO; 1st woman to lead major bank By KEN SWEET September 10, 2020 NEW YORK (AP) — Citigroup’s Jane Fraser will become the first woman to ever lead a Wall Street bank when she succeeds CEO Michael Corbat in February. It’s 2020 and for the first time a woman will run one of the nation’s biggest banks. The glass-ceiling in the banking industry has officially been shattered as Jane Fraser takes over as the new CEO of Citigroup, Inc ((C) - Get Report). In October 2007 she was promoted to Global Head of Strategy and Mergers and Acquisitions, a position she held until May 2009. Jane Fraser is set to become the first woman to run a major Wall Street bank, succeeding Michael Corbat as Citigroup CEO when he retires in February. Privacy Notice Jane Fraser will replace Michael Corbat as CEO of Citigroup in February 2021. Wells Fargo made a show of trying to hire a female CEO in the spring of 2019. 2 job at Citigroup Inc., putting her in position to succeed Chief Executive Officer Michael Corbat and become the first woman to lead a major U.S. bank. On Thursday, Citigroup announced that Fraser, 53, will officially become their new CEO in February. But Citi, like other banks, is grappling with a precarious backdrop of high unemployment and low interest rates. In … Disclaimer. She will become the first woman to lead a major US bank. The CEO of Citigroup’s largest division, global customer banking, Fraser, will be the first female CEO of a major wall street bank. Fraser, currently in charge of Citi's consumer bank, is set to take over in February for Michael Corbat, who plans to retire after 37 years at the bank. Corbat noted that Citi's net income nearly tripled during his tenure to almost $20 billion last year and the bank was able to return nearly $80 billion in capital through dividends and buybacks. Jane Fraser was named CEO of Citigroup, the fourth-biggest U.S. bank by assets ($1.65 trillion as of Sept. 2020), last September and took the helm this month, making her the first woman to … It marks a huge milestone for women. Fraser, who has served as president and CEO of global consumer banking since 2019, will join the board of directors immediately, the bank said. Our world is being reshaped by a range of forces, which have only intensified during the pandemic. Citi’s Jane Fraser Talks About the Priorities She’ll Set as CEO The first woman named to run a big U.S. bank says Covid and regulatory challenges give … It didn't, stabilize Citi following the Great Recession, JPMorgan investigates employees over potential misuse of PPP loans. In this series, titled “Women in Finance,” the Business and Economics Committee at On Century Avenue seeks to celebrate the achievements of women in the finance industry worldwide. Jane Fraser started as CEO of Citigroup on 1 March, the first woman to head a major Wall Street bank. Most stock quote data provided by BATS. “I think we are seeing the start of a movement,” said Charlotte Beyer, who spent 40 years in financial services and is the founder of the Principle Quest Foundation which mentors women to empower them in the workplace. The move makes Fraser Citi’s first ever female chief executive and one of the few women leading top American banks and corporations. Fraser also led Citi's Private Bank from 2009 to 2013. Citigroup names Jane Fraser as first woman CEO. Citigroup has named a woman to be its new chief executive in a first for a Wall Street bank. Citigroup's CEO Michael Corbat is retiring, and his replacement is the first woman on Wall Street to reach that coveted position. Citi names Jane Fraser as first female CEO of major US bank Your Ad Choices Jane Fraser has been appointed to become the new Citigroup Inc (NYSE: C) CEO, becoming the first-ever female CEO of a Wall Street bank. Jacki Zehner, the first female trader to make partner inside Goldman Sachs Group Inc., was sitting at her kitchen table in Utah on Thursday morning … They are all extraordinary and more than capable of taking these jobs.”. One month after Scharf got the Wells Fargo job, Corbat promoted Fraser from running the bank’s Latin American operations to the official number two role at Citi. This story has been shared 2,374 times. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. But veterans of Wall Street’s gender wars said the importance of Fraser’s breakthrough can’t be denied. The $2.2 trillion megabank said Thursday it has picked the bank’s president Jane Fraser to succeed longtime chief executive Michael Corbat, making her the first female CEO of a major US bank. Sitemap Female CEOs remain scarce at … Before joining Citi, she was a partner at McKinsey & Co. Fraser, 53, didn’t mention her glass-ceiling shattering in her statement, saying simply “I am honored by the Board’s decision and grateful to Mike for his leadership and support.”. But at the moment, I've still got a lot to learn. Citigroup made history Thursday by naming Jane Fraser as its next CEO. Briton Jane Fraser, its current president and head of global consumer division, is to become its … Citigroup’s Jane Fraser will become the first woman to lead a Wall Street bank when she starts the job in February. “These women have had to work twice as hard to get where they are now. All rights reserved. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the bank’s massive global consumer banking operation. Ms. Fraser’s appointment as the bank’s first female CEO is “a point of pride for all of us and groundbreaking for our industry,” Mr. Corbat said in a memo to employees. And even as Citi made its historic announcement, Christine Lagarde, the president of the European Central Bank, was briefing reporters during a press conference. Her tenure as Global Head coincided with the financial crisis of 2007–2009, and she was part of the executive team that was "charged with restructuring the group, leading its re-engineering effort, making divestments and raising new capital". The … Jane Fraser will become Citigroup's next CEO in February, "I have worked with Jane for many years and am proud to have her succeed me," Corbat said in a statement. It eventually hired former BNY Mellon CEO Charles Scharf. All rights reserved. Citi announced Thursday it will appoint Jane Fraser, the bank’s current president, as CEO, marking the first time a major Wall Street bank will be led by a woman. Citigroup is tapping Jane Fraser to take over as chief executive, marking the first time a female will lead one of the largest U.S. banks. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Post was not sent - check your email addresses! We've received your submission. History has been made today.". She has held prior roles for Citi in Latin America and in … Do Not Sell My Personal Information. Citigroup becomes first big Wall Street bank with a female CEO Meet Jane Fraser. JPMorgan Chase chief Jamie Dimon has strongly hinted that a woman will succeed him as CEO of the nation’s biggest lender, and two of his most powerful lieutenants, chief financial officer Jennifer Piepszak, and CEO of Consumer Lending, Marianne Lake, are female. Jane Fraser is making strides for women on Wall Street. The incoming Citi CEO will be the first woman to lead one of Wall Street’s biggest banks. As Jane Fraser’s first day as CEO comes to a close, the focus is clear. September 10, 2020 | 9:24am | Updated September 10, 2020 | 1:49pm, Citigroup’s longtime chief is stepping down early next year — and his successor is about to make some financial “herstory.”. 1,303, This story has been shared 1,173 times. She will become the first woman to lead a major US bank. Jane Fraser will be the first woman to hold the title of CEO at a major top-tier Wall Street bank. Updated 1549 GMT (2349 HKT) September 10, 2020. Things can change over time. https://www.cnn.com/2020/09/10/business/citi-woman-ceo-jane-fraser "Among shareholders," Mayo said, "the jury is still out on whether she can take Citi to the next level.". Factset: FactSet Research Systems Inc.2018. "Citi is an incredible institution with a proud history and a bright future. Jane Fraser started as CEO of Citigroup on 1 March, the first woman to head a major Wall Street bank. Your California Privacy Rights "We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution.". 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Momentum has been growing in recent years to put a woman at the helm of a so-called “Big Four” US bank. 1,173, © 2021 NYP Holdings, Inc. All Rights Reserved "I've never had the ambition to be the CEO of Citi or any other organization. Before joining Citi, Fraser worked at consulting giant McKinsey and in the M&A department of, "I look forward to seeing a woman being the first CEO of a Wall Street firm, whoever that may be," Fraser told Harlow. Even though Fraser was the heir apparent, Wall Street was not expecting an imminent change at the top of Citi. "Citigroup is leading by example by adding diversity to the top of the firm when our country is crying out for this more than ever before. “I have worked with Jane for many years and am proud to have her succeed me,” Corbat said in a Thursday statement. Corbat will leave in February 2021 after eight years at the helm. Female leaders in banking are also rare outside the U.S. Terms of Use Do Not Sell My Personal Information, Your California Privacy Rights Citi names Jane Fraser as CEO, the first woman to lead a major US bank Citigroup's new CEO Jane Fraser sat down with CNN's Poppy Harlow back in 2018 to talk about being a female executive and her ambitions for the future. Jane Fraser ascended to the No. 2,374, This story has been shared 1,303 times. Jane Fraser, Citi’s president, will succeed Corbat as CEO, the firm said. Citigroup Inc. recently announced 53-year-old Jane Fraser as its new chief executive officer. In the September 10 announcement, John C. Dugan, Chair of the Board of Directors, said: “We believe Jane is the … All times are ET. Citigroup president Jane Fraser will soon become the first woman to head a big Wall Street bank. It marks a huge milestone for women and one that should be rightly applauded. "I am honored by the Board's decision and grateful to Mike for his leadership and support," Fraser said in the statement. ", "I am extremely proud of what we have accomplished in the past eight years," Corbat said in a statement. Even though Fraser has been a senior Citi executive for years, she is not that well-known among investors yet. Citibank is tapping Jane Fraser to take over as chief executive, marking the first time a female will lead one of the largest U.S. banks. New York (CNN Business)Citigroup made history Thursday by naming Jane Fraser as its next CEO. In the public sector, Janet Yellen led the Federal Reserve, the most powerful central bank in the world, from 2014 to 2018. Sorry, your blog cannot share posts by email. "With her leadership, experience and values, I know she will make an outstanding CEO. According to multiple reports, the embattled bank looked at Lake, Fraser and Bank of America chief operations officer Cathy Bessant. Video Transcript-A glass ceiling has been shattered in finance. I am excited to join with my colleagues in writing the next chapter.". ", "This is a groundbreaking for Wall Street, banking and finance," Mike Mayo, banking analyst at Wells Fargo, told CNN Business. "The timing was unexpected. She will become the first woman to lead a major US bank. Fraser, a 16-year veteran of the bank, was made the heir apparent in October when Citi elevated her to the role of president. Citi has lost one-third of its market value this year, lagging not just the S&P 500 but rivals including JPMorgan and. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. JPMorgan Asset & Wealth Management CEO Mary Callahan Erdoes is also on the shortlist to be Dimon’s successor, but the 64-year-old man known as “America’s Banker” has shown no signals that he is ready to end his almost 15-year reign at JPMorgan. The first woman in this series is Jane Fraser, the first female CEO to lead a top Wall Street Bank and the first female CEO of Citigroup. Fraser follows in the footsteps of other high-ranking women in finance. Citi names Jane Fraser as first female CEO of big Wall St bank. Fraser was hired as Head of Client Strategy in Citigroup's investment and global banking division in July 2004. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Before taking over Citi's consumer bank, Fraser led the bank's Latin America division as well as its corporate strategy and M&A group. You don't expect to change a CEO in the middle of a crisis," Mayo said. Citi's new CEO: I never had the ambition to be CEO (2018), Strategist: Hot inflation consistent with reopening challenges, Cryptocurrencies plunge after Elon Musk's bitcoin u-turn, Economist: Work from home will be the future for a 'lucky minority', Panic buying is emptying gas pumps across the Southeast, IMAX CEO: Box office sales in Asia bode well for US theaters, This TikTok influencer started a venture capital firm, Amazon's profits tripled in the first quarter, El-Erian: Investors are taking excessive risks, Banks reveal huge losses from Archegos collapse, Netflix shares drop after subscribers miss, Trump said electing Biden would crash the markets. Thanks for contacting us. “With her leadership, experience and values, I know she will make an outstanding CEO.”. Among the others in the exclusive club: CEO Alison Rose at Natwest Group and executive chair Ana Botin at Santander. Citigroup picks Jane Fraser as first female CEO of a major Wall Street bank Citigroup Inc. has announced that Jane Fraser, who was named the company’s president last …
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