LEGEND
Taking the Citi by storm
Jane Fraser CEO , Citi
Jane Fraser ’ s appointment as the first female CEO of a major Wall Street bank is quite an accomplishment . A personal one for Fraser , but a much bigger one for women on Wall Street attempting to penetrate the traditional steppingstone roles to CEO positions that are overwhelmingly filled by men .
In a report on gender parity in finance in 2020 , consulting firm Oliver Wyman found that women held just 6 % of CEO positions at major financial firms globally in 2019 , a 2 % drop since 2016 .
Fraser was named CEO of Citigroup in September and started the job on March 1 , 2021 , becoming the first woman to take the reins of one of Wall Street ’ s four major banks , just as momentum for Women ’ s International Day was kicking off .
And her very first day in office , Fraser made a public pledge that Citigroup Inc . would achieve net-zero GHG emissions by 2050 . Legend , indeed , though not unsurprising , as Fraser has become known as a leader who ‘ gets stuff done ’.
The number of women among CEOs of the
Fortune 500 firms .
37
A McKinsey consultant turned financial executive , who ’ s been with Citi for 16 years , most recently in the bank ’ s number two spot as President of Citi and CEO of the Global Consumer Bank , Fraser is renowned for having a ‘ solid track record ’ and for being a ‘ fixer ’, having worked her way through key business units at Citi , leaving each in a better state than she found it .
Take Latin America . When Fraser was appointed as CEO of Citi ’ s Latin America business in 2015 , the division was tarnished . Fraser turned it around , not just growing net revenue and profit , but also enhancing the work culture .
Little surprise that she ’ s been heralded as the ‘ Number 1 Woman to Watch ’ for two consecutive years by American Banker , and that her name ’ s been circulating top banking circles for the last year with rumours swirling that she ’ d been earmarked for top jobs at Wells Fargo and HSBC .
And while her credentials ( University of Cambridge , Goldman Sachs , Partner at McKinsey , MBA Harvard ), and Wall Street reputation , speak for themselves , it ’ s what has been described as her ‘ ferocious work ethic ’ yet reluctance to sacrifice her personal life to get to the top , that has resonated with many in financial circles . And especially women .
Here ’ s hoping her captainship of the world ’ s ‘ most global bank ’ proves not just a success for Fraser , and for Citi , but marks a catalyst for gender equity industry wide .
20 April 2021