Daily Management Review

Fraser To Lead A Wall Street Bank As The First Woman C.E.O


Citigroup Inc has appointed Fraser as many embraced the decision as a right step towards promoting diversity and inclusion in the mainly male dominated financial industry.

Citigroup Inc announced the name of its first woman chief executive officer, Jane Fraser, for consumer banking arm. This makes Fraser the “first woman” who will be leading a “major Wall Street Bank”.
Fraser is 53 of age who has become a financial industry’s rising star, while her career spans across “investment banking, wealth management, troubled mortgage workouts and strategy in Latin America”. She will be replacing the present chief executive officer Michael Corbat from the month of February, informed the bank. This seems to be a cause for celebration for the industry in the right direction as it has doesn’t boast a diversified top rank and has “few women” in top posts.
Reacting to the news, Cathy Bessant, the chief of “Bank of America Corp BAC.N operations and technology”, tweeted:
“Great news for the company and for women everywhere! A big and fantastic moment.”
According to Corbat, Fraser’s new post was a “groundbreaking event and a point of pride for Citigroup”. In publicly recorded statement of Fraser, we heard her speak of her struggles as a young woman in the industry as a working mother making her space in a competitive industry. Talking about her struggle to juggle between her professional and personal life, in 2016, addressing an “event hosted by an international business society”, Fraser was quoted saying:
“I’m often asked, ‘Can you have it all? Can you do it all?’ And I say, ‘Yes, you can, but you can’t do it all at once and don’t expect everything at once.”
Fraser is among a “small group of women” who made a C-suit place for themselves at “major financial firms”. Furthermore Reuters added:
“In addition to Bessant, there is Fidelity Investments CEO Abigail Johnson; JPMorgan’s consumer lending head Marianne Lake and its finance chief Jennifer Piepszak; and Alison Rose, CEO of British bank NatWest”.
According to the list of “Fortune 500”, only 37 of them have women leaders. Dylan Haggart is a partner at ValueAct Capital, talking about working closely with Fraser for hedge fund informed that Haggart holds a “deep appreciation for her ability to lead thoughtful strategic transformation and drive operational results”. While, an analyst of Credit Suisse, Susan Roth Katzke added:
“Investors will need to hear more from Jane, sooner rather than later”.