Citi names Jane Fraser new chief in Wall Street first

Last Updated on 4 months by News Admin

BBC – Citigroup has named a woman to be its new chief executive in a first for a Wall Street bank.

Briton Jane Fraser, its current president and head of global consumer division, is to become its new boss when current chief Michael Corbat retires in February.

He is stepping down after 37 years at the bank, including eight as leader.

It comes as the male-dominated world of US finance faces pressure to diversify its ranks.

Scotland-born Ms Fraser has worked at Citi for 16 years, serving in her current role since 2019. She oversees business in 19 countries and previously led its Latin America division.

Seen as a rising star, she was recently considered for the role of chief executive at Wells Fargo, another top US bank.

The chair of Citi’s board of directors, John Dugan, said Ms Fraser would take the bank “to the next level”.

“She has deep experience across our lines of business and regions and we are highly confident in her,” he said.

Last year, Royal Bank of Scotland named Alison Rose as its first female chief executive, making her the first woman to run any of the big four banks in the UK.

But at the end of 2019, just 31 women held the top spots at major American companies listed on the S&P 500 index, none of which were banks.

At a congressional hearing last year, the heads of seven of America’s biggest banks, including current Citi boss Mr Corbat, were questioned about the lack of diversity and asked if they believed they would be succeeded by a woman or person of colour. None said yes.

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