Citigroup has named a girl to be its new chief government in a primary for a Wall Road financial institution.
Briton Jane Fraser, its present president and head of worldwide shopper division, is to turn into its new boss when present chief Michael Corbat retires in February.
He’s stepping down after 37 years on the financial institution, together with eight as chief.
It comes because the male-dominated world of US finance faces stress to diversify its ranks.
Scotland-born Ms Fraser has labored at Citi for 16 years, serving in her present function since 2019. She oversees enterprise in 19 nations and beforehand led its Latin America division.
Seen as a rising star, she was not too long ago thought-about for the function of chief government at Wells Fargo, one other prime US financial institution.
The chair of Citi’s board of administrators, John Dugan, mentioned Ms Fraser would take the financial institution “to the following stage”.
“She has deep expertise throughout our traces of enterprise and areas and we’re extremely assured in her,” he mentioned.
Final yr, Royal Financial institution of Scotland named Alison Rose as its first feminine chief government, making her the primary girl to run any of the massive 4 banks within the UK.
However on the finish of 2019, simply 31 girls held the highest spots at main American firms listed on the S&P 500 index, none of which have been banks.
At a congressional listening to final yr, the heads of seven of America’s largest banks, together with present Citi boss Mr Corbat, have been questioned in regards to the lack of range and requested in the event that they believed they’d be succeeded by a girl or particular person of color. None mentioned sure.
At Citi, Ms Fraser has regularly been charged with turning round troubled elements of the financial institution, the fourth largest within the US. She labored in its mortgage division following the monetary disaster and was put in cost in Latin America after a scandal in its financial institution in Mexico.
She is poised to take cost because the financial institution grapples with the financial fallout of the pandemic. In the newest quarter, Citi’s earnings plunged 73% because it put aside greater than $7bn to cowl potential losses.
Ms Fraser, whose compensation was $12.5m (£9.7m) final yr, has mentioned being a great chief means setting a imaginative and prescient, having the braveness to make “powerful calls”, and asking questions.
‘You can not have all of it’
Born in St Andrews, Scotland, she has levels from Harvard Enterprise Faculty and Cambridge College. The 53-year-old began her profession at Goldman Sachs in London, becoming a member of Citi after rising to be a companion at consulting big McKinsey.
A married mum of two, she has additionally addressed work-life steadiness, telling broadcaster CNN in 2014: “You can not have all of it on the identical time. You possibly can have all of it, unfold over a long time. I consider my life in numerous chunks. When the children have been little, I wanted to be round extra, nevertheless it’s completely different now.”
Nonetheless, in a 2018 interview she denied aspiring to the highest spot.
“I stay up for seeing a girl being the primary CEO of a Wall Road agency whoever that could be,” she said. “I’ve by no means had the ambition to be the CEO of Citi or every other group. Issues can change over time. However for the time being, I’ve nonetheless bought so much to study.”