Citigroup names Jane Fraser as first woman CEO. It marks a huge milestone for women and one that should be rightly applauded. Citigroup picks Jane Fraser as first female CEO of a major Wall Street bank Citigroup Inc. has announced that Jane Fraser, who was named the company’s president last … In this series, titled “Women in Finance,” the Business and Economics Committee at On Century Avenue seeks to celebrate the achievements of women in the finance industry worldwide. Momentum has been growing in recent years to put a woman at the helm of a so-called “Big Four” US bank. Sorry, your blog cannot share posts by email. Citigroup's CEO Michael Corbat is retiring, and his replacement is the first woman on Wall Street to reach that coveted position. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Citigroup’s Jane Fraser will become the first woman to lead a Wall Street bank when she starts the job in February. On Thursday, Citigroup announced that Fraser, 53, will officially become their new CEO in February. Fraser, a 16-year veteran of the bank, was made the heir apparent in October when Citi elevated her to the role of president. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the bank’s massive global consumer banking operation. In the September 10 announcement, John C. Dugan, Chair of the Board of Directors, said: “We believe Jane is the … All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Jane Fraser ascended to the No. Jane Fraser has been appointed to become the new Citigroup Inc (NYSE: C) CEO, becoming the first-ever female CEO of a Wall Street bank. Female CEOs remain scarce at … Jane Fraser is set to become the first woman to run a major Wall Street bank, succeeding Michael Corbat as Citigroup CEO when he retires in February. Citi names Jane Fraser as CEO, the first woman to lead a major US bank Citigroup's new CEO Jane Fraser sat down with CNN's Poppy Harlow back in 2018 to talk about being a female executive and her ambitions for the future. The glass-ceiling in the banking industry has officially been shattered as Jane Fraser takes over as the new CEO of Citigroup, Inc ((C) - Get Report). https://www.cnn.com/2020/09/10/business/citi-woman-ceo-jane-fraser Citi's new CEO: I never had the ambition to be CEO (2018), Strategist: Hot inflation consistent with reopening challenges, Cryptocurrencies plunge after Elon Musk's bitcoin u-turn, Economist: Work from home will be the future for a 'lucky minority', Panic buying is emptying gas pumps across the Southeast, IMAX CEO: Box office sales in Asia bode well for US theaters, This TikTok influencer started a venture capital firm, Amazon's profits tripled in the first quarter, El-Erian: Investors are taking excessive risks, Banks reveal huge losses from Archegos collapse, Netflix shares drop after subscribers miss, Trump said electing Biden would crash the markets. JPMorgan Asset & Wealth Management CEO Mary Callahan Erdoes is also on the shortlist to be Dimon’s successor, but the 64-year-old man known as “America’s Banker” has shown no signals that he is ready to end his almost 15-year reign at JPMorgan. Jacki Zehner, the first female trader to make partner inside Goldman Sachs Group Inc., was sitting at her kitchen table in Utah on Thursday morning … She will become the first woman to lead a major US bank. All times are ET. Your Ad Choices But Citi, like other banks, is grappling with a precarious backdrop of high unemployment and low interest rates. The incoming Citi CEO will be the first woman to lead one of Wall Street’s biggest banks. And even as Citi made its historic announcement, Christine Lagarde, the president of the European Central Bank, was briefing reporters during a press conference. Before joining Citi, she was a partner at McKinsey & Co. Fraser, 53, didn’t mention her glass-ceiling shattering in her statement, saying simply “I am honored by the Board’s decision and grateful to Mike for his leadership and support.”. 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". ", "This is a groundbreaking for Wall Street, banking and finance," Mike Mayo, banking analyst at Wells Fargo, told CNN Business. Citi announced Thursday it will appoint Jane Fraser, the bank’s current president, as CEO, marking the first time a major Wall Street bank will be led by a woman. Citigroup Inc. recently announced 53-year-old Jane Fraser as its new chief executive officer. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. In the public sector, Janet Yellen led the Federal Reserve, the most powerful central bank in the world, from 2014 to 2018. Fraser, currently in charge of Citi's consumer bank, is set to take over in February for Michael Corbat, who plans to retire after 37 years at the bank. 1,173, © 2021 NYP Holdings, Inc. All Rights Reserved Before joining Citi, Fraser worked at consulting giant McKinsey and in the M&A department of, "I look forward to seeing a woman being the first CEO of a Wall Street firm, whoever that may be," Fraser told Harlow. “I think we are seeing the start of a movement,” said Charlotte Beyer, who spent 40 years in financial services and is the founder of the Principle Quest Foundation which mentors women to empower them in the workplace. One month after Scharf got the Wells Fargo job, Corbat promoted Fraser from running the bank’s Latin American operations to the official number two role at Citi. Thanks for contacting us. The CEO of Citigroup’s largest division, global customer banking, Fraser, will be the first female CEO of a major wall street bank. The $2.2 trillion megabank said Thursday it has picked the bank’s president Jane Fraser to succeed longtime chief executive Michael Corbat, making her the first female CEO of a major US bank. The move makes Fraser Citi’s first ever female chief executive and one of the few women leading top American banks and corporations. They are all extraordinary and more than capable of taking these jobs.”. Jane Fraser will replace Michael Corbat as CEO of Citigroup in February 2021. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. "I am honored by the Board's decision and grateful to Mike for his leadership and support," Fraser said in the statement. Citi has lost one-third of its market value this year, lagging not just the S&P 500 but rivals including JPMorgan and. Citigroup made history Thursday by naming Jane Fraser as its next CEO. Among the others in the exclusive club: CEO Alison Rose at Natwest Group and executive chair Ana Botin at Santander. Citigroup is tapping Jane Fraser to take over as chief executive, marking the first time a female will lead one of the largest U.S. banks. "The timing was unexpected. You don't expect to change a CEO in the middle of a crisis," Mayo said. Female leaders in banking are also rare outside the U.S. It marks a huge milestone for women. Fraser also led Citi's Private Bank from 2009 to 2013. Citibank is tapping Jane Fraser to take over as chief executive, marking the first time a female will lead one of the largest U.S. banks. Citi names Jane Fraser as first female CEO of big Wall St bank. Fraser was hired as Head of Client Strategy in Citigroup's investment and global banking division in July 2004. The first woman in this series is Jane Fraser, the first female CEO to lead a top Wall Street Bank and the first female CEO of Citigroup. She will become the first woman to lead a major US bank. Citigroup president Jane Fraser will soon become the first woman to head a big Wall Street bank. In … "We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution.". 1,303, This story has been shared 1,173 times. Meet Jane Fraser. Sitemap All rights reserved. The … Jane Fraser is making strides for women on Wall Street. "I've never had the ambition to be the CEO of Citi or any other organization. JPMorgan Chase chief Jamie Dimon has strongly hinted that a woman will succeed him as CEO of the nation’s biggest lender, and two of his most powerful lieutenants, chief financial officer Jennifer Piepszak, and CEO of Consumer Lending, Marianne Lake, are female. Post was not sent - check your email addresses! Citigroup has named a woman to be its new chief executive in a first for a Wall Street bank. Citigroup becomes first big Wall Street bank with a female CEO Disclaimer. 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