Citigroup becomes first U.S. big bank to appoint female boss

Citigroup becomes first U.S. big bank to appoint female boss

She has worked at Citi for 16 years, and is its president and the boss of its sprawling consumer bank.

Greg Baer, president of the Bank Policy Institute trade group, who has worked with Fraser in the past, said she had the "knowledge and perspicacity to be a policy leader for the industry". 'A big and fantastic moment'. She also headed the bank's Latin American division following a loans scandal involving its Mexican subsidiary, Banamex.

She will replace Mike Corbat, 60, who is stepping down next February after 37 years at Citi, including eight at the helm. "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". None of these companies led by women are banks. While progress for female leaders has been slow, 36 of the Fortune 500 companies are now run by women, including automaker General Motors Co., chocolate-maker Hershey Co and Northrop Grumman Corp., according to corporate governance services firm BoardEx.

During her time at the bank she has helped execute some of its divestitures, including the staggered sale of its Smith Barney brokerage, and was often assigned to fix problems in the bank's operations, ranging from its US mortgage business to its Mexico operations.

Fraser will definitely be actually the very first lady to lead some of Wall Street's major 6 financial institutions.

JPMorgan Chase has had women in senior roles for years, and recently elevated its chief financial officer Marianne Lake to head of the firm's consumer lending operation. She has held her current job since 2019. However, by becoming the leader of the 4th largest bank in the U.S. she has joined the club of Wall Street CEOs that were until now exclusive to white men. But there was little indication that women were making similar advancements at the country's most powerful financial firms, most of which are based in NY, he said.

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"I look forward to seeing a woman being the first CEO of a Wall Street firm whoever that may be".

Fraser has always been seen as a rising star on Wall Street, and past year was seen as a potential CEO candidate by Wells Fargo & Co's board, before it settled on former JPMorgan executive Charles Scharf.

Her name was also floated as a potential CEO of Wells Fargo.

Eric Compton, a Morningstar equity analyst who covers Citigroup, said in a note to investors Thursday that Fraser is well-equipped to navigate the economic uncertainty of the coronavirus pandemic.

"It has been harder for her to get here than had she been a man".

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