When the current Citigroup chief executive Michael Corbat retires after 8 years next February, Jane Fraser will become the very first woman to lead a major Wall Street bank.
Citigroup has the third-largest assets among all the U.S. banks. It was heard to be in the process of a management revamp. Jane Fraser is president of Citigroup and also the CEO of Global Consumer Banking at the age of 53. that has the primary part of the bank which comprises savings and checking accounts but besides Citi’s extensive credit card business. She has continued in this position since 2019 plus has been at the firm for 16 years.
In a statement, John Dugan, the chair of the board of directors at Citigroup, said that they believe Jane Fraser is going to be the right person for the role to build on Michael Corbat’s record. And take the company altogether to another level.
Fraser will be the first woman to manage one of Wall Street’s huge six banks. Jamie Dimon of JPMorgan Chase is the second in command for years but has never shown any signs of passing down the CEO role to someone else.
Female CEOs continue rare at the greatest publicly traded companies. This year the number of women running Fortune 500 companies has a high time record of 37, which represents just 7.4% of the top spots. Last year it was just 33 and even before that only 2, 20 years ago.
And approximately all are white. But three have made their way this year in the Fortune 500 female CEOs that include Joey Wat, CEO of Yum China; Sonia Syngal, CEO of Gap; and Lisa Su, CEO of Advanced Micro Devices. Mary Barra, CEO of General Motors; Carol Tomé, CEO of UPS and Debra Cafaro, CEO of real estate investment trust Ventas are also known to be among the top.