Scotland-born Jane Fraser appointed CEO of Citigroup in Wall Street first

Scotland-born Jane Fraser appointed CEO of Citigroup in Wall Street first

Jane Fraser

Scottish-born Jane Fraser has been appointed chief executive of multinational investment bank Citigroup, making her the first woman to become CEO of a Wall Street bank.

Ms Fraser is the bank’s current president and head of its global consumer division, she will take up her new role when Citigroup’s current chief Michael Corbat retires in February.

Mr Corbat is retiring after 37 years at the bank, having been its CEO for eight.

Jane Fraser has been at Citi for 16 years and has been in her current roles since 2019. She oversees business in 19 countries including retail banking and wealth management, credit cards, mortgages and the associated operations and technology.

Before this role, Ms Fraser was the chief executive officer of Citi’s Latin American region from 2015 to 2019. From 2013 to 2015, she was the CEO of the U.S. Consumer and Commercial Banking and CitiMortgage.

From 2009 to 2013, Ms Fraser served as the CEO of Citi’s Private Bank. Prior to that, she was the global head of strategy and mergers & acquisitions for Citi from 2007 to 2009. She joined Citi in 2004 in the corporate and investment banking division. Before joining Citi, Ms Fraser was a partner at McKinsey & Company. She started her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Bursátiles in Madrid, Spain.

Ms Fraser is a member of the Board of Dean’s Advisors at Harvard Business School, serves on Stanford University’s Global Advisory Council and is a member of the Council on Foreign Relations. Jane has an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University.

Jane Fraser said: “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 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.”

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