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Citi’s Jane Fraser Becomes The First Female CEO Of Big Wall Street Bank


09/11/2020


Citi’s Jane Fraser Becomes The First Female CEO Of Big Wall Street Bank
Citigroup’s consumer banking head Jane Fraser will be the first woman to lead a major Wall Street bank as the Wall Street lender named her to be the successor to the current chief executive officer of the bank Michael Corbat next year.
 
With a long career that covers investment banking, wealth management, troubled mortgage workouts and strategy in Latin America which is a crucial a business unit for Citigroup, the 53 year old Fraser is recognized as a rising star in the financial industry.
 
Since she had was promoted to be the president of Citigroup last year, her ultimate crowning as the CEO was being expected by the industry as well as the Wall Street. Her promotion is also being touted as a step in the right direction for the global financial industry which is criticized for allowing very few women or diverse executives in top positions in banks.
 
"Great news for the company and for women everywhere!" tweeted Bank of America Corp operations and technology chief Cathy Bessant. "A big and fantastic moment."
 
The news of the appointment of Fraser as the CEO pushed Citigroup shares by 1 per cent.
 
Fraser is among a handful of women who have managed to break the so called glass ceiling to be selected to crucial and important positions in financial companies.
 
In addition to Bessant, there is Fidelity Investments CEO Abigail Johnson, JPMorgan's consumer lending head Marianne Lake and its finance chief Jennifer Piepszak, and Alison Rose, CEO of British bank NatWest.
 
After starting her career with Goldman Sachs in the banks mergers and acquisitions department in London, Fraser also worked for Asesores Bursatiles in Madrid. After joining Citigroup 16 years ago, Fraser has been credited internally at the bank of playing an important role in the recovery of the bank after the financial crisis when it had to accept a $45bn government package to survive.
 
Client strategy in Citi's investment bank, as well as its private bank, its mortgage business and its operations in Latin America, have been managed by Fraser at the bank over the years. The Latin American business of the bank contributed about 14 per cent of its total global revenues last year.
 
Her name was floated last year as a potential CEO candidate at Wells Fargo & Co before the board settled on former JPMorgan executive Charles Scharf.
 
Having being made the president of Citigroup in October, Fraser was tasked to head its global consumer bank – which was seen by many analysts and industry experts a move to ultimately give her the top job.
 
The elevation of Fraser to the top job came sooner than expected, according to Credit Suisse analyst Susan Roth Katzke, and added that investors are waiting to get an audience with her.
 
"Investors will need to hear more from Jane, sooner rather than later," she said.
 
"We believe Jane is the right person to build on Mike's record and take Citi to the next level," said John C Dugan, chair of the board of directors at Citi.
 
(Source:www.aljazeera.com)