Jane Fraser – Citigroup’s New CEO
15th September 2020
Citigroup has become the first major Wall Street bank to appoint a female CEO. In Ireland Citi was one of the first foreign banks to open an office over half a decade ago. Citi in Dublin is run by Cecilia Ronan, Managing Director, Citi Country Officer & CAO Citibank Europe Plc.
Stateside Citi’s CEO Michael Corbat recently announced that, after 37 years at Citi, including the last eight years as CEO, he plans to retire from Citi and step down from its Board of Directors in February of 2021. 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.
Jane Fraser has been at Citi for 16 years and has been in her current roles since 2019. On her appointment Michael Corbat said: “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.”
John C. Dugan, Chair of the Board of Directors, said: “We believe Jane is the right person to build on Mike’s record and take Citi to the next level. She has deep experience across our lines of business and regions and we are highly confident in her. Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well.”
Of her appointment, Jane Fraser said: “I am honored 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. Our balance sheet is strong and our commitment to serving our clients and communities is even stronger. 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. We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. 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.”
Jane Fraser is currently the President of Citi and the Chief Executive Officer of Global Consumer Banking. Her global responsibilities include all Consumer businesses in 19 countries, including Retail Banking and Wealth Management, Credit Cards, Mortgages and the associated Operations and Technology.
She joined Citi in 2004 and was previously a Partner at McKinsey & Company. Jane started her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Bursátiles in Madrid, Spain.
Jane is a member of the Board of Dean’s Advisors at Harvard Business School, serves on Stanford University’s Global Advisory Council and is a member of the Council on Foreign Relations. She has an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University. She is married with two children.