First Woman to Head Wall Street Bank: Jane Fraser

Citigroup has announced the appointment of Jane Fraser as its next CEO, succeeding Michael Corbat following his retirement February 2021 after eight years at the helm. With this announcement, Fraser makes history as the first woman to be named chief executive of a major Wall Street bank.

Fraser has served as Citi’s President and CEO of Global Consumer Banking since 2019 and is responsible for all of Citi’s consumer businesses in 19 countries, including mortgages and retail banking. From 2015 to 2019, she was CEO of Citi’s Latin American region, and from 2013 to 2015 she was CEO of its U.S. Consumer and Commercial Banking and CitiMortgage. Earlier in her Citi career, she was CEO of the company’s Private Bank and Global Head of Strategy and Mergers & Acquisitions. Prior to joining Citi in 2004 in the Corporate and Investment Banking division, she was a Partner at McKinsey & Company.

The Scottish-born Fraser began her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Bursátiles in Madrid.

“I am honored by the Board’s decision and grateful to Mike for his leadership and support,” said Fraser in a statement released by Citi. “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,” she added. “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.”

Read about more women in the housing industry in the September issue of MReport.

The American Mortgage Diversity Council (AMDC) is a Five Star Global, also parent company to MReport, which promotes diversity and inclusion throughout the mortgage industry. Learn more here.