Jane Fraser, born in St. Andrews, United Kingdom, in 1967, is the current CEO of Citigroup, the largest financial institution in the United States. The British executive is an economist and banking leader, and her appointment as CEO made headlines as she became the first woman to lead such a massive firm.
In early 2024, Fraser was in Argentina for meetings with members of the national government. She has been listed among the most powerful women in the business world and has worked at Citigroup for more than twenty years.
Fraser studied at the University of Cambridge and later at Harvard Business School, the graduate program of Harvard University. Her first steps in finance were at an investment bank in London.
In her early twenties, Fraser moved to Madrid, Spain, to work at a financial advisory firm. The experiences in both London and Madrid helped her build the foundation that would lead to her move to the United States—specifically New York, the capital of business, brokers, and the financial sector.
McKinsey
McKinsey & Company is a firm that provides consulting services to other companies on finance and business models. In the U.S., investment banking refers to the services offered by firms to various clients regarding financial transactions or investments.
To better understand Fraser’s arrival at McKinsey, it’s important to note that, at the time, it was unusual to see women in banking or multinational financial firms in New York. Fraser’s entry—and her later career—marked a turning point.
She remained at McKinsey for longer than expected until she encountered the most influential financial firm in New York: Citigroup. In 2004, the Scottish economist joined the company, beginning a journey with no return.
Citigroup
In 2004, Citigroup hired Jane Fraser to join its strategy division. This department is usually linked to the company’s long-term direction and operations, particularly in constantly evolving environments and customer engagement.
She later moved to the mergers and acquisitions division. Citigroup operates in over 140 countries, with more than 16,000 offices worldwide and an unmatched customer base.
In the years following Fraser’s arrival—still in a junior role—Citigroup reported several financial losses, leading to massive investments in other areas to offset the deficit.
As a result of the financial crisis, Fraser was transferred from the strategy department to help stabilize the situation. In 2009, she became head of private banking, a sector that manages the financial resources and circumstances of clients who invest or save.
Due to her performance—despite the economic crisis that affected many U.S. multinationals—Fraser later moved to the mortgage division, managing real estate guarantees and distributing resources to balance assets.
How did Fraser’s career continue?
In 2015, with the financial crisis behind her, Fraser took on a new challenge: becoming President of Citigroup in Latin America. The Scottish executive took charge of operations in this region, primarily in Mexico, where the company had faced serious issues. Her mission was to rebuild the firm’s reputation.
Without planning for it, Fraser eventually became President of Citigroup. In one interview, before becoming CEO, she stated that she had never aspired to reach such a high rank within the most prominent financial firm in the U.S.
Amid the coronavirus pandemic a few years ago, Jane Fraser became the first female CEO of Citigroup—an unprecedented event at the time. Although just a few years have passed, the impact in New York was significant, as it was unaccustomed to having women as CEOs of major firms.
Fraser succeeded Michael Corbat, who had spent 37 years at the company. As CEO, she now oversees financial and business operations in over 20 countries and manages a global network of offices and employees.
Fraser has earned internal praise for leading the company through critical moments. She handled crises such as the 2007 recession and, later, as President of Citigroup in Latin America, the issues in Mexico.
In another interview, Fraser stated that she envisions a simpler future for the bank, one that includes innovation. With her background in strategic planning, she understands that the firm must continuously adapt and evolve with its clients.