Citi CEO Biography
This article outlines Citi CEO Biography.
Citi CEO Biography
Jane Fraser (born 1967) is the current CEO of Citigroup, a role she has held since March 2021. In 2019, she became Citigroup’s president and CEO of Consumer Banking.
In February 2021, she will succeed Michael Corbat as CEO of Citigroup Inc., becoming the first woman to lead a major US bank.
She was named the “Number 1 Woman to Watch” by American Banker for two years in a row.
Jane Fraser is from St Andrews.
She studied economics at Girton College, Cambridge, from 1985 to 1988, earning a BA (traditionally MA) degree.
A mergers and acquisitions analyst at Goldman Sachs in London from July 1988 to July 1990, she became a brokerage associate at Asesores Bursátiles in Madrid from August 1990 to June 1992.
She earned her MBA from Harvard Business School in 1994.
Having young children plus a career is the most difficult thing I’ve ever had to accomplish. You’re tired, guilty, and need to change. It made me more 80-20 – focused on what was really essential – good at saying no, and more human to clients who also confront many of same challenges.
She joined McKinsey & Company in 1994 and rose to partner in financial services and global strategy.
She spent the first six years in New York and the last four in London.
She worked part-time while parenting.
She co-authored Race for the World: Strategies to Build a Great Global Firm with three other McKinsey workers in 1999.
She interviewed McKinsey clients in China, Hong Kong, Indonesia, Singapore, and India for the book. After hearing her speak about the book, Michael Klein spent years persuading Fraser to join Citigroup, which she did in 2004.
In July 2004, Fraser joined Citigroup’s investment and global banking division as Head of Client Strategy.
She was elevated to Global Head of Strategy and M&A in October 2007 and remained that role until May 2009.
A member of the management team “responsible with restructuring the firm, directing its re-engineering effort, making divestments and generating fresh cash,” she was Global Head from 2007 to 2009.
Citi CEO since June 2009.
During her four-year tenure, the bank went from a $250 million annual deficit to a profit.
She reduced the ratio of private bankers to clients to one every 30 clients and eliminated banker commissions and sales formulas in favor of a year-end discretionary incentive.
In May 2013, she took over as CEO of CitiMortgage. She accepted the challenge despite the professional risk. When she took over Citigroup’s mortgage division, demand for mortgage refinancing fell, pushing the bank to focus on offering residential mortgages to home buyers. In September 2013, Citigroup closed multiple mortgage offices and lay off 1,000 employees.
Fraser was appointed as CEO of US Consumer and Commercial Banking in March 2014, succeeding Cecelia Stewart, who announced her retirement.
Then in April 2015 she was named CEO of Citigroup Latin America, with oversight of 24 countries.
This promotion came after the retirement of Manuel Medina-Mora, CEO of Citigroup’s worldwide consumer bank.
Stephen Bird, former CEO for Asia-Pacific, replaced Medina-Mora, who was replaced by Francisco Aristeguieta, former CEO for Citigroup Latin America.
Based in Miami, Fraser is charged with “instilling a more American-like culture” at Banamex (Banco Nacional de México), owned by Citigroup since 2001. In 2014, it was fined $2.2 million for fraud. Banamex’s boss, Ernesto Torres Cantu, reports to Fraser.
Then, in October 2019, Fraser was named President of Citigroup and Head of Global Consumer Banking (GCB), responsible for all of Citi’s Consumer businesses in 19 regions.
Tenure as CEO
Citigroup announced in September 2020 that CEO Michael Corbat would retire in February 2021. Fraser succeeded Corbat, becoming the third-largest bank in the United States. Unlike other Wall Street CEOs, Fraser has instituted permanent plans to allow people to work from home some days of the week. She cites recruiting as a reason for separating Citigroup from other bulge bracket banks like Goldman Sachs and JPMorgan Chase.
Citi CEO Biography: Conclusion
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