CEO

Institutional context

Citigroup Inc. is one of the four largest US commercial banks (alongside JPMorgan Chase, Bank of America, and Wells Fargo). The corporation in its modern form dates to the 1998 merger of Citicorp and Travelers Group, with the bank's predecessor institutions tracing to the founding of City Bank of New York in 1812. From 1812 through March 2021 every CEO of the bank or its corporate parent was male — a span of 209 years.

Career path

Jane Fraser (born 1967 in St Andrews, Scotland) earned a BA from Cambridge and an MBA from Harvard Business School. She held senior positions at Goldman Sachs and McKinsey before joining Citigroup in 2004. She served as CEO of Citigroup Latin America (2015–2019) and President of Citigroup (2019–2021).

Appointment

Citigroup announced her selection as CEO on 10 September 2020, effective 1 March 2021. She succeeded Michael Corbat. She is the first woman CEO of a major Wall Street bank.

Tenure

Active. Tenure has covered Citigroup's substantial restructuring programme — the divestiture of consumer-banking operations in 14 markets across Asia, Europe, and Latin America — and a continuing operational and regulatory remediation programme following the bank's 2020 erroneous wire transfer of $900 million to Revlon creditors.

Cluster context

Fraser's March 2021 appointment closes the dataset's second corporate-leadership wave (Tomé UPS June 2020, Lynch CVS February 2021, Fraser Citi March 2021). Together with Yellen's 2021 appointment as US Treasury Secretary, the early 2021 period concentrates the two most senior US financial-policy first-woman events: Yellen at Treasury, Fraser at Citigroup. Wall Street more broadly remains substantially male-led at the CEO tier.

Sources

• Wikipedia — Jane Fraser
• Wikipedia — Citigroup