Citi names Jane Fraser as CEO, the first woman to lead a large American bank

Fraser, is currently in charge Of the City (C) Consumer Bank is due to take charge of Michael Corbett in February She plans to retire after 37 years In the bank.

“I have worked with Jane for many years and I am proud that she succeeded me,” Corbett said in a statement. “Through his leadership, experience and values, I know he will make a great CEO.”

Fraser, the bank’s 16-year-old senior, was the heir apparent when City elevated him to the presidency in October.

Fraser follows in the footsteps of other high-ranking women in finance. Sally Krovsek Served as senior executive at City Bank of America (PAC) During the 2008 financial crisis. Marion Lake was hired as chief financial officer J.P. Morgan Chase (J.P.M.) In 2011. In 2011, Beth Mooney took over Key Corp. (KEY) In 2011, created her First female CEO A top 20 US bank.

In the public sector, Janet Yellen headed the Federal Reserve, the world’s most powerful central bank, from 2014 to 2018. And as Citi made its historic announcement, European Central Bank President Christine Lagarde explained to reporters at a press conference.

“I’m honored by the board’s decision, thank you for Mike’s leadership and support,” Fraser said in the statement. “Citi is an incredible company with a proud history and a bright future. I look forward to joining my colleagues in writing the next chapter.”

Record-high female CEOs, but still a small percentage

Prior to the acquisition of Citi’s Consumer Bank, Fraser led Bank Latin America and its corporate strategy and M&A team. Led Fraser City’s private bank from 2009 to 2013. Prior to joining City, Fraser worked with McKinsey in consulting and in the M&A department. Goldman socks (G.S.).
During the August 2018 interview, CNN’s Poppy Harlow asked Fraser about breaking the glass ceiling on Wall Street.

“I look forward to seeing a woman become the first CEO of Wall Street, whoever it is,” Fraser told Harlow. “I never had the ambition to be the CEO of Citi or any other organization. Things may change over time. But at the moment, I still have a lot to learn.”

Fraser joins one Registration-high number Women who lead Fortune 500 companies. In recent months, Chlorox (CLX), Coty (Coty), Interval (GPS) And UPS (UPS) Named the female CEO. Still, less than 10% of Fortune 500 CEOs are women and only three are women of color.

Citi’s share price is lagging behind

Corbett took over the city in 2012, At a time when the bank was still in turmoil from the financial crisis. Corbett replaces controversial former CEO Vikram Pandit.

“I am very proud of what we have achieved in the last eight years,” Corbett said in a statement. “We have completed our transition from the financial crisis and become a simpler, safer and stronger company.”

JPMorgan is investigating employees over the misuse of PPP loans

Corbett noted that Citi’s net income nearly tripled to $ 20 billion last year and that the bank was able to recoup nearly $ 80 billion in capital through dividends and purchases.

But Citi, like other banks, has a dangerous background of high unemployment and low interest rates. City’s profits fell 73% The bank’s borrowing costs increased in the second quarter due to the epidemic.
Citi has lost a third of its market value this year, including not only the S&P 500 but also JPMorgan and rivals. Bank of America (PAC).

Check Also

The chances of a soft economic landing shrink by the week

The chances of a soft economic landing shrink by the week

economy•25 Jul ’23 at 12:42•Modified on 25 Jul ’23 at 14:29Author of the book: Remy …

Leave a Reply

Your email address will not be published. Required fields are marked *