Jane Fraser makes history as Citi’s next CEO

By William Girling
Following Michael Corbat’s announcement that he is stepping down as Citi’s CEO, Jane Fraser has been selected by the board as his successor...

Following Michael Corbat’s announcement that he is stepping down as Citi’s CEO, Jane Fraser has been selected by the board as his successor.

Officially the first female CEO of a leading Wall Street investment bank, Fraser’s ascension is a landmark decision, with the company ruling that the depth and breadth of her experience more than qualify her to take over leadership from Corbat.

“The Board deeply appreciates Mike’s many contributions to Citi, and he will leave the firm in a much stronger position than he found it,” stated John C. Dugan, Chair of the Board of Directors.

“I have worked with Jane for many years and am proud to have her succeed me. With her leadership, experience and values, I know she will make an outstanding CEO,” Corbat himself added.

Serving clients and making communities stronger

Currently the President of Citi and holding responsibilities across every aspect of consumer business in 19 countries, including mortgages, retail and wealth management, Fraser’s 16-year career, which began as ‘Head of Client Strategy’, as been long and well-developed.

Having earned an MA in Economics from the University of Cambridge (1985 to 1988) and an MBA from Harvard Business School (1992 to 1994), she has both the education and resume befitting a leader of one of the world’s largest banking organisations.

“I am honoured 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,” she said in the company’s press release.

“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.

“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,” she concluded. 

Share

Featured Articles

The challenges of address data in cross-border payments

A truly global solution is critical to meeting cross-border needs at scale, writes Loqate, a leading developer of global address verification solutions

Top 10 fintech disruptions to watch out for in 2023

From new technologies to tough regulations for crypto, 2023 is already looking like a year of change for fintech.

PBF CEO, Morgan McKenney on blockchain, DeFi & tokenization

Morgan McKenney is the CEO of the Provenance Blockchain Foundation (PBF). We caught up with her to talk advances in blockchain technology and 2023 trends

UAE-based BNPL fintech Tabby secures $58mn in Series C round

Digital Payments

Why seamless cross-border payments transform transactions

Digital Payments

Top 10 mobile banking apps of 2022 by number of downloads

Banking