Jane Fraser made history by becoming the first woman to lead a top financial institution¹. She took over as CEO of Citigroup, a global bank with operations in over 90 countries and 229,000 employees¹. Fraser is leading the bank into a digital future and breaking barriers for women in finance.

Jane Fraser was born on July 13, 1967, in St Andrews, Scotland². Her path to the top of Citigroup was filled with hard work and a focus on innovation². She earned her BA in economics from Girton College, Cambridge, and an MBA from Harvard Business School². Joining Citigroup in 2004, she quickly rose to become President and Head of Global Consumer Banking in 2019³.

Key Takeaways

• Jane Fraser is the first female CEO of Citigroup, one of the largest banks in the United States.
• She has launched a multi-year strategy to transform Citigroup for the digital age, focusing on cross-border institutional banking, wealth management, and personal banking in the U.S.
• Fraser has spearheaded substantial changes at Citigroup, including management delayering and significant cost-cutting measures.
• Under her leadership, Citigroup has reduced its workforce by 20,000, with plans to reach this goal by late 2026.
• Fraser is recognized as one of the most powerful women in the world, ranking 7th on Forbes’ list in 2023.

Early Life and Educational Background

Jane Fraser, a leading latinx leader in banking, was born in St Andrews, Scotland, in 1967³. She studied economics at Girton College, Cambridge⁴. Then, she started her career at Goldman Sachs in London and later at Asesores Bursátiles in Madrid⁴.

From Scotland to Harvard Business School

Fraser aimed to enhance leadership diversity in banking. She went to Harvard Business School in 1992, getting her MBA in 1994⁴. Her education, from economics to Harvard Business School, set the stage for her success.

Early Career Foundations

After her MBA, Fraser joined McKinsey & Company. She worked there part-time for five years while raising her kids³. This experience helped shape her leadership diversity and management style.

Rise Through McKinsey & Company to Citigroup

Jane Fraser started her career at McKinsey & Company in 1994⁵. She worked in financial services and global strategy. In 10 years, she became a partner⁵.

She also co-authored “Race for the World: Strategies to Build a Great Global Firm” in 1999⁵. This book showed her knowledge in global banking and finance.

Michael Klein from Citigroup saw her talent and recruited her in 2004⁵. She began as Head of Client Strategy in the investment and global banking division. This was the start of her successful career at Citigroup.

“Citigroup recruited Jane Fraser after several years of effort by Michael Klein, recognizing her valuable expertise and leadership potential.”

Fraser’s move to Citigroup shows her exceptional talent and growing influence in banking. Her background at Goldman Sachs and Asesores Bursátiles, along with her Harvard MBA⁵, made her a top executive in finance and banking.

As Citigroup goes through changes, Fraser’s leadership is key to its success⁶. Her focus on hispanic representation and leadership diversity⁷ will shape the bank’s future.

Jane Fraser’s Transformative Leadership at Citigroup

Jane Fraser has made a big impact at Citigroup. She turned Citi Private Bank from a loss to profit in just a few years⁸. She has held many important roles, including CEO of CitiMortgage and Head of Global Consumer Banking⁸.

In 2019, she became President of Citigroup and Head of Global Consumer Banking. She oversees businesses in 19 markets⁸.

Private Banking Success

Fraser’s leadership in private banking is impressive. She made Citi Private Bank profitable, showing her strategic skills⁸.

Global Consumer Banking Innovation

Fraser has focused on digital transformation and simplifying operations.⁸ She has invested in digital banking and new technologies to stay ahead⁹. Working with fintech companies has helped Citigroup innovate and offer more digital services⁹.

Strategic Vision for Digital Transformation

Fraser knows how to adapt to financial changes. She has a plan to make Citigroup more profitable and digital⁸. She has streamlined operations and focused on innovation and sustainability⁹.

“Jane Fraser has demonstrated her exceptional leadership skills, guiding Citigroup through a transformative period with a focus on digital innovation and sustainability.”

Under Fraser, Citigroup aims for diversity and sustainability. She also focuses on risk management for long-term success⁹. Her support for flexible work during the pandemic is also notable⁸.

Fraser is the first female CEO of a major Wall Street bank. Her leadership has brought diversity and innovation to Citigroup⁸. She has set the stage for the bank’s future success⁹⁸.

Breaking the Glass Ceiling in Banking

Jane Fraser became the first woman to lead a major Wall Street bank in March 2021. At 53 years old, she took on the role of CEO at Citigroup. This was a historic moment, breaking the glass ceiling in a male-dominated field.

Her achievement has been celebrated widely. She was named to Fortune’s “Most Powerful Women in Business” list. She also made American Banker’s “Number 1 Woman to Watch” list for two years in a row¹⁰.

Fraser has shown great leadership at Citigroup. She joined in 2004, after working at Goldman Sachs and McKinsey & Company¹¹. As President and CEO of Global Consumer Banking, she’s known for her strategic thinking and ability to make tough decisions¹¹.

Her success in turning around Citigroup’s Latin America operations from 2015 to 2019 has made her a trailblazer¹¹.

Fraser’s path to the top was not easy. She faced self-doubt, a common challenge for professional women¹⁰. Yet, she emphasizes the value of a strong team, showing her ability to unite people towards a goal¹⁰.

“I think the important thing is to have a really strong, qualified team around you who can challenge you and who can help you see things from different angles. And to be open to that.”

Jane Fraser’s success as the first female CEO of a major Wall Street bank is a milestone. It shows progress in breaking the glass ceiling in banking. Her appointment encourages more diversity and inclusion in finance¹². She inspires women in the field to pursue their dreams¹⁰.

Conclusion

Jane Fraser’s journey from Scotland to Wall Street is truly inspiring. As Citigroup’s CEO, she leads with a vision for change. Her work is making the banking world better for the future¹³.

Fraser does more than just lead Citigroup. She’s also on big boards like the Business Roundtable and the Council on Foreign Relations. Her approach to leadership, focusing on balance and digital growth, sets Citigroup up for success. It also motivates others to follow in her footsteps¹⁴.

Jane Fraser’s success at Citigroup shows her true leadership and dedication to change. Her path, filled with vision, resilience, and innovation, is a beacon for aspiring leaders. It especially encourages those from underrepresented groups in the finance world of jane fraser, citi ceo, and leadership diversity.

Source Links

1. The Most Powerful Woman in Banking 2024: Citigroup’s Jane Fraser – https://www.americanbanker.com/news/the-most-powerful-women-in-banking-2024-jane-fraser-citigroup
2. Jane Fraser (executive) – https://en.wikipedia.org/wiki/Jane_Fraser_(executive)
3. Jane Fraser – Peter Fisk – https://www.peterfisk.com/leader/jane-fraser/
4. Meet Jane Fraser, the first woman set to helm a major US bank – https://www.businessinsider.com/meet-jane-fraser-the-first-woman-ceo-of-citigroup-2020-9
5. How Naming Jane Fraser CEO Advances Citibank’s Client Focus – https://www.primegenesis.com/our-blog/2020/09/how-naming-jane-fraser-ceo-advances-citibanks-client-focus/
6. Morning Coffee: Jane Fraser feels uncomfortable every day at Citi. Hedge fund manager escapes prison because he’s a dad – https://www.efinancialcareers.com/news/jane-fraser-citi
7. Wall Street’s most powerful woman Jane Fraser sees pay rise to $26M despite Citigroup profits falling almost 40% – https://fortune.com/2024/02/21/citigroup-ceo-jane-fraser-pay-rise-26-million-wall-street-most-powerful-woman/
8. Jane Fraser: First Female Leader of a Major Wall Street Bank – https://quartr.com/insights/business-philosophy/jane-fraser-first-female-leader-of-a-major-wall-street-bank
9. Jane Fraser’s Visionary Leadership at Citigroup: Shaping the Future of Global Banking | C-Suite Brief – https://www.csuitebrief.com/coo/jane-frasers-visionary-leadership-at-citigroup-shaping-the-future-of-global-banking/
10. Jane Fraser of Citi Breaks Wall Street’s Glass Ceiling | NextTribe – https://nexttribe.com/magazine/jane-fraser-citi/
11. Citi’s Fraser breaks glass ceiling, without shoulder pads – https://finance.yahoo.com/news/citis-fraser-breaks-glass-ceiling-205024564.html
12. How Jane Fraser broke banking’s highest glass ceiling – https://fortune.com/longform/citi-ceo-jane-fraser-first-woman-wall-street-bank-citigroup-glass-ceiling/
13. Citigroup CEO Jane Fraser Pushes Radical Transformation – https://www.northamericanexec.com/news/citigroup-ceo-jane-fraser-pushes-radical-transformation/
14. The Most Powerful Woman in Banking: Citigroup’s Jane Fraser – https://www.americanbanker.com/news/the-most-powerful-women-in-banking-2023-jane-fraser-citigroup