The new CEO of Citigroup will be the first woman ever to helm a major U.S. bank.
Jane Fraser will replace a retiring Michael Corbat in February, Citi announced this morning.
Fraser has been Citi’s president and CEO of global consumer banking since 2019, overseeing business in 19 countries, including retail banking and wealth management, credit cards, mortgages, and the associated operations and technology. She joined Citi 16 years ago after working at McKinsey & Company, Goldman Sachs, and Asesores Bursátiles.
A member of the Board of Dean’s Advisors at Harvard Business School, Stanford University’s Global Advisory Council, and the Council on Foreign Relations, Fraser has an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University.
Fraser grew up in Scotland, but then moved to Australia for high school. At the time, she thought she wanted to be a doctor, but wasn’t good at biology, she told Fast Company‘s Stephanie Mehta in January. Fraser discovered that she loved economics and math and in the 1980s, got into banking. At that time, women in banking were rare, and those who were there she described as “a little scary.” They weren’t really the role models Fraser wanted, so she moved to consulting for 10 years. When her two sons were older, she went back into banking, because she missed it.
She was named one of Fast Company‘s Most Creative People last month.
“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,” Fraser said in a statement. “We will invest in our infrastructure, risk management, and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”
Fraser also was elected to replace Corbat on the bank’s board of directors.