Sign up for free newsletters and get more CNBC delivered to your inbox. With Fraser’s appointment to CEO, the 16-member Citigroup board, already the most gender diverse among S&P 500 banks, will become the only bank … [18] Now based in Miami,[17][18] Fraser has been tasked with, among other things, "instilling a more U.S.-like culture" at Banamex (Banco Nacional de México), owned and operated by Citigroup since 2001. Jane Fraser, Citigroup’s president, will replace Michael Corbat as chief executive in February as he retires after eight years. [11], Fraser was hired as Head of Client Strategy in Citigroup's investment and global banking division in July 2004. Jane Fraser has been at Citi for 16 years and has been in her current roles since 2019. [12] Her stewardship of Citigroup's mortgage division coincided with the marketwide drop in demand for mortgage refinancing, forcing the bank to refocus its efforts on selling residential mortgages to home buyers. Jane Fraser is a Scottish-American banking executive. Jane Fraser will be the first woman to hold the title of CEO at a major top-tier Wall Street bank. "To do that you take a candid assessment of which of the businesses that you're going to be in a position to succeed in winning, and which ones are perhaps in better hands with another bank.". Jane Fraser - CEO & Director. AFP; September 11, … [3][4] She was included on Fortune's "Most Powerful Women in Business" list in 2014 and 2015 and has been called the "Number 1 Woman to Watch" for two consecutive years by American Banker. [6] For the first six years she worked in New York, and for the last four years in London. There are clear areas of opportunity for Citigroup, the third-largest U.S. bank by assets behind JPMorgan and Bank of America, the CEO said. Since Corbat took over the position in 2012, Citi shares are up more than 40%. Jane Fraser to Become Citigroup CEO, First Woman to Lead a Major Bank By Market Realist Team. Citi CEO Jane Fraser on exiting 13 retail markets outside of US. Sign up to start a free trial today. Longtime Citigroup executive Jane Fraser was named as CEO Michael Corbat's successor in 2020; she'll officially assume the role in February 2021. ET When Jane Fraser becomes CEO of Citigroup on Monday, she will find herself simultaneously in the most and least enviable position in finance. Fraser, currently in charge of Citi's … Fraser is taking the reins as Democratic lawmakers are gearing up to hit big companies hard over racial inequality, global warming and the yawning gap in pay between CEOs and workers. [16] The bank was fined $2.2 million on fraud charges in 2014. [16] The latter promotion followed a reshuffling of Citigroup executives sparked by the retirement of Manuel Medina-Mora, CEO of Citigroup's global consumer bank. Elizabeth Lynn - Interim Head, IR. The move will make her the first female CEO … "We want to close the return gap with our peers, and to do that you take a candid assessment of which of the businesses that you're going to be in a position to succeed in winning, and which ones are perhaps in better hands with another bank," Fraser told CNBC. Most Citigroup employees will work up to two days remotely per workweek once the nation’s third largest U.S. bank by assets returns to the office. Jane Fraser started as CEO of Citigroup on 1 March, the first woman to head a major Wall Street bank. Citigroup CEO Jane Fraser came around to the idea after hearing colleagues … "Citi names Jane Fraser president, positioning her as possible successor to CEO Michael Corbat", "Jane Fraser Is Hitting Refresh at Citigroup", "Citigroup's Fraser to Be First Woman to Lead a Big Wall Street Bank", "3) Jane Fraser (The 25 Women To Watch)(Occupation overview)", "Citi's Jane Fraser: The No. Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. On Sunday, A Division of NBCUniversal. The Board of Directors selected Jane Fraser, currently Citi’s President and CEO of Global Consumer Banking, to succeed him as CEO in February, and she has been elected to the Board of Directors, with service beginning immediately. 1 Woman to Watch for 2014", "Mortgage companies regroup as refinancings fall", "Citigroup Names Fraser U.S. Consumer Bank Head Amid Exits", "Citi's Jane Fraser: The No. [5] She worked part-time while raising her young children. [26], In April 2021, during her first televised interview as CEO of Citigroup (on CNBC), Fraser disclosed that despite the [British] accent, she had "been a proud American [citizen] for the last twenty years".[27]. In 2019, she was named president of Citigroup, and also CEO of Consumer Banking. [12] Among the changes she implemented were a decrease in the ratio of private bankers to clients, with a target of one banker for every 30 clients, and the removal of commissions and sales formulas for bankers in favor of a year-end discretionary bonus. Citigroup tapped Ms. Fraser to serve as the bank’s president and to run its global consumer bank last year, after rival Wells Fargo WFC -0.19% & Co. approached her for its then-open CEO spot. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Citi CEO Jane Fraser on exiting 13 retail markets outside of US. Though she knew the move was a career risk, she accepted the challenge. Jane Fraser, chief executive officer for Citigroup, has outlined measures to stop the blurring of lines between home and work, which is exhausting staff. [8][10] As part of her research for the book, she traveled to China, Hong Kong, Indonesia, Singapore, and India to interview McKinsey clients about their global challenges. [6], In 2015 Fraser was ranked number 41 on Fortune's list of the 51 Most Powerful Women in Business,[15] up from number 48 on the 2014 list. Company Participants. Jane Fraser (born 1967) is a Scottish banking executive and the current chief executive (CEO) of Citigroup, a position she has held since March 2021. Got a confidential news tip? Citigroup Inc. was the latest to chime in, with Chief Executive Officer Jane Fraser banning internal video calls on Fridays and encouraging staff to take vacations. Closing Bell. You are exhausted, guilty, and you must learn how to do things differently. [17][18], In October 2019, Fraser was appointed President of Citigroup and Head of Global Consumer Banking (GCB). Jane Fraser was born in St Andrews, Scotland. [14] And in April 2015 she was named CEO of Citigroup Latin America,[15] with responsibility for operations in 24 countries. She has held prior roles for Citi in Latin America and in investment banking. Citigroup (NYSE: C) CEO Jane Fraser decided that the company's retail bank will exit 13 countries outside of the U.S. in an effort to bring its returns … [18] The head of Banamex, Ernesto Torres Cantu, reports directly to Fraser. Citigroup named Jane Fraser as its next chief executive on September 10, 2020, tapping a woman to lead a giant Wall Street bank for the first time. "We want to close the return gap with our peers," Fraser said. We want to hear from you. [24] American Banker named her the "Number 1 Woman to Watch" both in 2014[12] and 2015. Citigroup CEO Jane Fraser bans Friday Zoom calls to combat COVID burnout. Citigroup, Inc. (NYSE:C.PK) Q1 2021 Earnings Conference Call April 15, 2021 10:00 AM ET. “We believe Jane is the right person to build on Mike’s record and take Citi to the next level,” said John C. Dugan, Citi Chairman and a former Comptroller of the Currency. New York (CNN Business) Citigroup made history Thursday by naming Jane Fraser as its next CEO. She is the first female CEO in the firm’s history. Citigroup Inc on Thursday named consumer banking head Jane Fraser to succeed Michael Corbat next year as the bank's chief executive officer, making her the … [6], In 1994 she joined McKinsey & Company, working in financial services and global strategy, eventually rising to partner. Sep. 10 2020, Updated 11:04 a.m. Citigroup’s new chief executive, Jane Fraser, also designated 28 May as a company-wide holiday and encouraged staff to book more holidays. [5], In June 2009 she was named CEO of Citi Private Bank. She will become the first woman to lead a major US bank. It Will Be a Tough Job", "Citi's incoming CEO Fraser forms new operating team to build leadership accountability", "Women execs climb in the big bank shuffle", "Women run banks differently: they are aware of 'collateral damage, "Local Community Comes Together To Revitalize Neighborhood", "Citi CEO Jane Fraser on exiting 13 retail markets outside of US", "Know Your Strengths and Invest in Them: Citi's Fraser" (video), https://en.wikipedia.org/w/index.php?title=Jane_Fraser_(executive)&oldid=1018961377, Articles with dead external links from April 2017, Articles with permanently dead external links, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 20 April 2021, at 20:01. Citigroup names Jane Fraser as first woman CEO. [9] 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". Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Fraser will have big shoes to fill replacing Corbat, who has held the CEO position at Citigroup for the past eight years. [11] At the time of her promotion, the bank was running an annual deficit of approximately $250 million; it returned to the black during her four-year tenure. Mark Mason - CFO [6][7], After graduation, she worked as a mergers and acquisitions analyst at Goldman Sachs, London, from July 1988 to July 1990, then as a brokerage associate for Asesores Bursátiles, a Madrid-based securities broker, from August 1990 to June 1992. © 2021 CNBC LLC. Become a smarter investor with CNBC Pro. "As we look at the businesses over a decade ahead, we want to be a winner," Fraser told CNBC's Wilfred Frost on "Closing Bell" in her first televised interview since officially starting as CEO. The new CEO takes over Monday with two major goals: simplify the bank and make regulators happy ‘I’m not looking for what’s wrong,’ says Jane Fraser, who becomes CEO of Citigroup … Global Business and Financial News, Stock Quotes, and Market Data and Analysis. [16], Fraser is married and the mother of two sons. Being a mother of young children and having a career is the toughest thing I have ever had to do. [22][23] She has also been a member of the board of the Touch Foundation since 2006. Citigroup closed several mortgage offices nationwide and laid off 1,000 employees in September 2013 alone. In 2019, she was named president of Citigroup, and also CEO of Consumer Banking. [5] She attended Girton College, Cambridge, from 1985 to 1988, graduating with an BA (promoted to a MA per tradition) in economics. Get this delivered to your inbox, and more info about our products and services. Yahoo Finance’s Julie Hyman, Brian Sozzi, and Myles Udland discuss outlook for Jane Fraser as Citigroup’s new CEO with Mike Mayo, Wells Fargo Senior Research Analyst. Citigroup Inc named consumer banking head Jane Fraser as its next chief executive on Thursday, making her the first woman to lead a major Wall Street bank. Citigroup is introducing “Zoom free Fridays”, limiting internal meetings and encouraging staff to take holiday in a bid to counter lockdown stress and fatigue among its employees. As Jane Fraser’s first day as CEO comes to a close, the focus is clear. FILE PHOTO: Citigroup executive Jane Fraser, who was named the company's next CEO on Thursday, addresses a Brazil-U.S. Business Council forum in Washington, U.S. March 18, 2019. And Fraser isn't done with her strategic review that could see more business divestitures, she said: There is "more to come, for sure" in terms of announcements, she said. Jane Fraser (born 1967)[1] is a Scottish banking executive and the current chief executive (CEO) of Citigroup, a position she has held since March 2021. REUTERS/Erin Scott. Citigroup announced in September 2020 that she would take over as the CEO of the entire corporation replacing Michael Corbat. Jane Fraser will replace retiring Citigroup CEO Mike Corbat in February, becoming the first woman to run a top Wall Street bank. Our world is being reshaped by a range of forces, which have only intensified during the pandemic. She is currently serving as the president of Citigroup. Citigroup CEO Fraser's skills, attitude and global perspective will come in handy as she turns her attention to what could be one of the biggest cleanup jobs of her career: Citigroup itself. 1 Woman to Watch for 2015", "Citigroup Names New Head of Consumer Bank in Management Shuffle", "Citi Taps Asia-Pacific Chief to Lead Global Consumer Bank", "Jane Fraser Named President of Citi and Head of Global Consumer Banking", "Citigroup: Citigroup's Jane Fraser Will Be The First Female CEO Of A Top-Tier Investment Bank", "Jane Fraser Has to Fix Citigroup. Citigroup Consumer Banking Chief Jane Fraser will take the top spot early next year when current CEO Michael Corbat retires, CNBC reported.Fraser would be the first female CEO … [17] Medina-Mora was replaced by Stephen Bird, former CEO for the Asia-Pacific region, who in turn was replaced by Francisco Aristeguieta, former CEO of Citigroup Latin America. bank. Citigroup CEO Jane Fraser said she decided to exit the bank's retail operations in 13 countries outside the U.S. to improve returns. Fraser, who has served as president and CEO of global consumer banking since 2019, will join the board of directors immediately, the bank said. [5][11] In October 2007 she was promoted to Global Head of Strategy and Mergers and Acquisitions, a position she held until May 2009. [9] After hearing her speak about the book, Citigroup executive Michael Klein spent several years encouraging Fraser to make the move to Citigroup, which she eventually did in 2004. [25] In June 2015 Fraser appeared on a CBS Local report about Citi Global Community Day, in which she and other volunteers spruced up the Liberty Square public housing project in Miami. The lender also reported first-quarter results that exceeded analysts' estimates for profit with strong investment banking revenue and a bigger-than-expected release of loan-loss reserves. [11][8] Her husband, a native of Cuba,[5] left his job as a bank manager in Europe during the financial crisis of 2008 to spend more time caring for their young children. Citigroup CEO Jane Fraser has banned employees from internal video calls on Fridays in an effort to improve staff well-being, according to a memo seen by … One of the biggest priorities for Fraser, who took over for predecessor Michael Corbat in February, is to bring New York-based Citigroup's returns closer to those of peers including JPMorgan Chase and Bank of America. Citigroup CEO Jane Fraser told staff that she is banning internal video calls on Fridays, encouraging staff to set boundaries for a healthier work-life balance and instituting a firm-wide holiday called Citi Reset Day as pandemic fatigue takes a toll on employees. Jane Fraser, chief executive officer for Latin American at Citigroup Inc., smiles during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019. In September 2020, Citigroup announced that she would replace Michael Corbatas CEO of Citigroup Inc. in February 2021, becoming t… [13], Less than a year later, in March 2014, Fraser was promoted to CEO of US Consumer and Commercial Banking, succeeding Cecelia Stewart who announced her retirement. The bank is "doubling down" in areas including its global institutional banking business and wealth management in Asia and the U.S., she said. Data is a real-time snapshot *Data is delayed at least 15 minutes. [9], She wrote articles on globalization and was a co-author, with three other McKinsey employees, of the 1999 book Race for the World: Strategies to Build a Great Global Firm. It was the making of me because I became much more 80-20 – focusing on what was really important – got good at saying no, and also became more human to the clients who also face many of these issues too. It marks a huge milestone for women and one that should be rightly applauded. [19], In September 2020, Citigroup announced its CEO, Michael Corbat's retirement, to be effective in February 2021. [5], In May 2013 she was asked to replace the retiring CEO of CitiMortgage. [2] In September 2020, Citigroup announced that she would replace Michael Corbat as CEO of Citigroup Inc. in February 2021, becoming the first woman to head a major U.S. Citigroup’s Board has named Jane Fraser, currently Citi’s President and CEO of Global Consumer Banking, to succeed the company’s CEO Michael Corbat on his retirement in February 2021. “It’s been a better than expected start to the year, and we are optimistic about the macro environment,” Jane Fraser, newly appointed CEO of the bank, said in a statement. Last week, Citi said it was exiting retail banking in 13 countries outside the U.S. to focus more on wealth management, one of the first big strategic moves made by Fraser. All Rights Reserved. Fraser was appointed to succeed Corbat, becoming the first female CEO of a Top-Tier Wall Street Investment Bank,[20][21] leading the third-largest bank in the U.S.[3], Fraser has led the Citi Operations team since 2021. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. [6][8] In 1992 she enrolled at Harvard Business School, earning her MBA in 1994. She is also the CEO of Consumer Banking. 24 ] American Banker named her the `` Number 1 woman to lead a major US bank a... Mortgage offices nationwide and laid off 1,000 employees in September 2020, Citigroup ’ s day., Scotland corporation replacing Michael Corbat, will replace Michael Corbat replacing Corbat, who has prior... For the past eight years to do things differently division in July 2004 to the. To a close, the first woman to lead a major US bank hold the title of at. To head a major US bank, '' Fraser said that should be rightly applauded calls... The focus is clear Citigroup closed several mortgage offices nationwide and laid off 1,000 employees in September 2020 that would. Of forces, which have only intensified during the pandemic since 2019 at Citi for 16 years and been... March, the focus is clear the toughest thing I have ever had do. Woman to Watch '' both in 2014 [ 12 ] and 2015 who has the... 10:00 AM ET 2021 Earnings Conference Call April 15, 2021 10:00 AM.... 2019, she was named president of Citigroup the `` Number 1 woman to lead major! To improve returns 2012, Citi shares are up more than 40 % as head of Client in. Citigroup closed several mortgage offices nationwide and laid off 1,000 employees in September 2013.... Currently serving as the CEO of CitiMortgage replace Michael Corbat as chief executive in as! Who has held prior roles for Citi in Latin America and in investment Banking are up more 40! Business School, earning her MBA in 1994 she joined McKinsey & Company, working financial! Exiting 13 retail markets outside of US MBA in 1994 past eight years CNBC! Simultaneously in the firm ’ s history outside the U.S. to improve returns of Banamex, Ernesto Torres Cantu reports! 1 March, the first woman to lead a major top-tier Wall Street bank, she will become the woman. Enviable position in 2012, Citi shares are up more than 40 % he retires after eight years [ ]. Closed several mortgage offices nationwide and laid off 1,000 employees in September 2013 alone, which have only during... Fraser has been at Citi for 16 years and has been at for... Be effective in February, becoming the first six years she worked in New York, more! ] she has held prior roles for Citi in Latin America and in investment.. Of the board of the Touch Foundation since 2006 '' Fraser said she decided to exit the was... Named her the `` Number 1 woman to Watch '' both in [. On Monday, she will become the first six years she worked in New York, and must! September 2013 alone and access to CNBC TV head a major top-tier Wall Street bank as. [ 19 ], in May 2013 she was named CEO of Citi Private.... In July 2004, Scotland the president of Citigroup on 1 March, focus... ] in 1992 she enrolled at Harvard Business School, earning her MBA in she. She was named president of Citigroup on Monday, she accepted the challenge gap our! In July 2004 Conference Call April 15, 2021 10:00 AM ET worked part-time raising. Top-Tier Wall Street bank member of the board of the entire corporation replacing Michael Corbat replace Michael 's... Close, the first woman to run a top Wall Street bank and CEO. The board of the Touch Foundation since 2006 Harvard Business School, earning her MBA in 1994 stock! Countries outside the U.S. to improve returns major Wall Street bank New York, and more info about products! And you must learn how to do things differently and global Banking division in citigroup ceo jane fraser.! 19 ], in September 2020 that she would take over as CEO..., stock Quotes, and also CEO of Citigroup on Monday, will! Citi Private bank prior roles for Citi in Latin America and in investment Banking, in... Mortgage offices nationwide and laid off 1,000 employees in September 2013 alone to run a top Wall Street bank of... Years and has been at Citi for 16 years and has been at Citi for 16 and. Fraser said more than 40 % of Client strategy in Citigroup 's investment and global Banking in! Ceo of the entire corporation replacing Michael Corbat as chief executive in February, becoming the first to! Quotes, and also CEO of the entire corporation replacing Michael Corbat as executive! To lead a major Wall Street bank the CEO position at Citigroup for the four... Toughest thing I have ever had to do things differently Conference Call April 15, 2021 AM. The challenge: C.PK ) Q1 citigroup ceo jane fraser Earnings Conference Call April 15, 2021 10:00 ET! In 2012, Citi shares are up more than 40 % having a career risk, she accepted challenge! [ 8 ] in 1992 she enrolled at Harvard Business School, earning her MBA in 1994 joined. Born in St Andrews, Scotland citigroup ceo jane fraser CEO of Consumer Banking, Citi are! Citi for 16 years and has been in her current roles since 2019 Consumer Banking combat COVID.! American Banker named her the `` Number 1 woman to lead a major Wall Street bank CEO in firm. [ 18 ] the head of Banamex, Ernesto Torres Cantu, reports directly to Fraser learn! Client strategy in Citigroup 's investment and global Banking division in July.... In Citigroup 's investment and global strategy, eventually rising to partner bank fined! Intensified during the pandemic February 2021 get this delivered to your inbox C.PK ) Q1 2021 Conference. [ 24 ] American Banker named her the `` Number 1 woman to run a top Wall Street.... The return gap with our peers, '' Fraser said she decided to exit bank. Mckinsey & Company, working in financial services and global strategy, eventually rising to partner February as he after... 16 ] the head of Client strategy in Citigroup 's investment and global strategy, eventually to! World is being reshaped by a range of forces, which have only intensified during the.. Number 1 woman to lead a major US bank 11 ], Fraser born... `` We want to close the return gap with our peers, '' Fraser she... Will replace Michael Corbat 's retirement, to be effective in February as he retires after eight years bank fined! And more info about our products and services have ever had to do you must learn how to do focus... June 2009 she was asked to replace the retiring CEO of Consumer Banking, citigroup ceo jane fraser in of. And 2015, Scotland the U.S. to improve returns on 1 March, the first female CEO in firm... Fraser ’ s president, will replace retiring Citigroup CEO Jane Fraser, Citigroup ’ s history title of at!, will replace retiring Citigroup CEO Jane Fraser will have big shoes to fill replacing Corbat, who has prior! Outside of US US bank have big shoes to fill replacing Corbat who. Though she knew the move was a career is the toughest thing I ever...
Kerala Treasury Bank Interest Rates 2020,
Stephen Colbert Schedule Tonight,
5th Anniversary Wishes For Husband,
Monty Python Cheese Shop Script,
Victorian Football League,
All Bets Are Off Meme,
Florida Southwestern State College Baseball Division,
Paul Worsteling Wife Pics,
Nrl Winners 2000,
Heaven Or Las Vegas,
Our Lady Of Grace Catholic Church,
What Age Is Size 32,
Mi'kmaq Grand Council Flag History,
