citigroup ceo jane fraser

[24] American Banker named her the "Number 1 Woman to Watch" both in 2014[12] and 2015. 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. [6] For the first six years she worked in New York, and for the last four years in London. Since Corbat took over the position in 2012, Citi shares are up more than 40%. [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. In 2019, she was named president of Citigroup, and also CEO of Consumer Banking. 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. 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 … Fraser, who has served as president and CEO of global consumer banking since 2019, will join the board of directors immediately, the bank said. © 2021 CNBC LLC. We want to hear from you. 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, 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. [16], Fraser is married and the mother of two sons. Citigroup closed several mortgage offices nationwide and laid off 1,000 employees in September 2013 alone. [19], In September 2020, Citigroup announced its CEO, Michael Corbat's retirement, to be effective in February 2021. [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". [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. [5] She worked part-time while raising her young children. 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. Become a smarter investor with CNBC Pro. All Rights Reserved. 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 … Citigroup names Jane Fraser as first woman CEO. Citigroup CEO Jane Fraser said she decided to exit the bank's retail operations in 13 countries outside the U.S. to improve returns. Sign up for free newsletters and get more CNBC delivered to your inbox. [5], In June 2009 she was named CEO of Citi Private Bank. 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. Though she knew the move was a career risk, she accepted the challenge. [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. "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.". 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 … 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 … She has held prior roles for Citi in Latin America and in investment banking. 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. 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. [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. [17][18], In October 2019, Fraser was appointed President of Citigroup and Head of Global Consumer Banking (GCB). As Jane Fraser’s first day as CEO comes to a close, the focus is clear. [5], In May 2013 she was asked to replace the retiring CEO of CitiMortgage. 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. 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. Citigroup CEO Jane Fraser came around to the idea after hearing colleagues … [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. Company Participants. She is also the CEO of Consumer Banking. Jane Fraser, Citigroup’s president, will replace Michael Corbat as chief executive in February as he retires after eight years. 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. 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. [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. Fraser, currently in charge of Citi's … [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. The move will make her the first female CEO … "We want to close the return gap with our peers," Fraser said. Jane Fraser was born in St Andrews, Scotland. Citigroup’s new chief executive, Jane Fraser, also designated 28 May as a company-wide holiday and encouraged staff to book more holidays. 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. Get this delivered to your inbox, and more info about our products and services. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. "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. 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. 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. ET "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. Elizabeth Lynn - Interim Head, IR. [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. 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. 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. The bank is "doubling down" in areas including its global institutional banking business and wealth management in Asia and the U.S., she said. “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. Jane Fraser - CEO & Director. 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. 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. 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. [6], In 1994 she joined McKinsey & Company, working in financial services and global strategy, eventually rising to partner. “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. Our world is being reshaped by a range of forces, which have only intensified during the pandemic. Jane Fraser to Become Citigroup CEO, First Woman to Lead a Major Bank By Market Realist Team. She will become the first woman to lead a major US bank. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. REUTERS/Erin Scott. 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. On Sunday, [11], Fraser was hired as Head of Client Strategy in Citigroup's investment and global banking division in July 2004. [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]. It marks a huge milestone for women and one that should be rightly applauded. Fraser will have big shoes to fill replacing Corbat, who has held the CEO position at Citigroup for the past eight years. [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. A Division of NBCUniversal. Mark Mason - CFO She is the first female CEO in the firm’s history. [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. Being a mother of young children and having a career is the toughest thing I have ever had to do. "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. 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. [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. In 2019, she was named president of Citigroup, and also CEO of Consumer Banking. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. [16] The bank was fined $2.2 million on fraud charges in 2014. 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. [14] And in April 2015 she was named CEO of Citigroup Latin America,[15] with responsibility for operations in 24 countries. 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. [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. [6][8] In 1992 she enrolled at Harvard Business School, earning her MBA in 1994. You are exhausted, guilty, and you must learn how to do things differently. Citi CEO Jane Fraser on exiting 13 retail markets outside of US. Longtime Citigroup executive Jane Fraser was named as CEO Michael Corbat's successor in 2020; she'll officially assume the role in February 2021. Got a confidential news tip? Jane Fraser started as CEO of Citigroup on 1 March, the first woman to head a major Wall Street bank. Citigroup announced in September 2020 that she would take over as the CEO of the entire corporation replacing Michael Corbat. [18] The head of Banamex, Ernesto Torres Cantu, reports directly to Fraser. 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. Jane Fraser will replace retiring Citigroup CEO Mike Corbat in February, becoming the first woman to run a top Wall Street bank. [22][23] She has also been a member of the board of the Touch Foundation since 2006. Jane Fraser has been at Citi for 16 years and has been in her current roles since 2019. bank. 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. 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. Citi CEO Jane Fraser on exiting 13 retail markets outside of US. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sep. 10 2020, Updated 11:04 a.m. Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. [5][11] In October 2007 she was promoted to Global Head of Strategy and Mergers and Acquisitions, a position she held until May 2009. Jane Fraser is a Scottish-American banking executive. 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 … 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. Closing Bell. AFP; September 11, … When Jane Fraser becomes CEO of Citigroup on Monday, she will find herself simultaneously in the most and least enviable position in finance. Citigroup CEO Jane Fraser bans Friday Zoom calls to combat COVID burnout. [5] She attended Girton College, Cambridge, from 1985 to 1988, graduating with an BA (promoted to a MA per tradition) in economics. In September 2020, Citigroup announced that she would replace Michael Corbatas CEO of Citigroup Inc. in February 2021, becoming t… Citigroup, Inc. (NYSE:C.PK) Q1 2021 Earnings Conference Call April 15, 2021 10:00 AM ET. Jane Fraser will be the first woman to hold the title of CEO at a major top-tier Wall Street bank. [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. Sign up to start a free trial today. New York (CNN Business) Citigroup made history Thursday by naming Jane Fraser as its next CEO. Simultaneously in the firm ’ s first day as CEO comes to close. Roles since 2019 rising to partner CEO position at Citigroup for the past eight years Corbat. With our peers, '' Fraser said head a major Wall Street bank been! Herself simultaneously in the most and least enviable position in 2012, Citi shares are up than! Charge of Citi 's … Citi CEO Jane Fraser, currently in charge of Citi bank. She decided to exit the bank 's retail operations in 13 countries outside the to. 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