Citigroup becomes the first top-tier bank lead by a female CEO with appointment of Jane Fraser

Jane Fraser will become the first female CEO of a major top-tier investment bank. Citigroup has named her its CEO as the current chief executive Michael Corbat is set to retire in February 2021.

Fraser has 37 years of experience at Citigroup having held important executive positions such as chief executive for the US consumer and commercial bank and mortgages and chief executive for citi private bank. Last year in October, Fraser was appointed President of Citi & CEO of Global Consumer Banking. Feaser will now be added to the company’s board of directors.

Jane Fraser commented:

Jane Fraser, Citibank

Jane Fraser
Source: LinkedIn

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.

Citi’s current CEO Michael Corbat announced his intentions to retire on 10 September. He has spent over 22 years with the bank and was its CEO for eight.

Women in leadership positions

Citibank CEO Michael Corbat said:

Michael Corbat, Citibank

Michael Corbat
Source: LinkedIn

I am extremely proud of what we have accomplished in the past eight years. We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution. Across our businesses, we made investments in products where we saw opportunities for growth, and Citi has regained its place as a leader in banking.

Corbat added:

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.

As the major Wall Street bank announced its first female CEO, it was also faced with major gender equality failings. Bloomberg recently reported that only 40% of Citigroup’s managers are female and the bank pays women 73 cents for $1 a man makes, accounting for a wider gap than the average.

Fraser’s appointment, however, is a sign of improvement. As she becomes part of the bank’s board, it will be half female, a big change since eight years ago when the current CEO stepped into his position and the board had only three women.

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