Citigroup has first appointed a woman as its new CEO for a Wall Street bank.
The company said it had selected Jane Fraser, its current chairman and head of global consumer division, to be its new chairman when current chairman Michael Corbett retires in February.
He is leaving the bank after 37 years, including eight as chairman.
Born in Scotland, Ms. Fraser has worked in the bank for 16 years and has been working in her current role since 2019.
He oversees business in 19 countries and previously heads its Latin America division.
Ms Fraser “will take the city to the next level,” said John Dugan, chairman of the bank’s board of directors.
“She has in-depth experience in our business and regions and we are very confident in her. Jane’s ability to think strategically and run a business is a unique combination that will serve our company better,” he said.
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Born in Scotland, Ms. Fraser is a graduate of Harvard Business School and University of Cambridge. He began his career at Goldman Sachs in London and joined the City after rising to become a consultant partner at McKinsey. Seen as a rising star in the banking world, he was considered during the recent search for a new leader in Wells Fargo.
His appointment has put pressure on the business world, especially the banking sector, to diversify its teams.
Last year, Royal Bank of Scotland named Alison Rose as its first female CEO, becoming the first woman to run any of the four largest banks in the UK.
But by the end of 2019, only 31 women topped the list of major US companies listed in the S&P 500 index.
At a congressional hearing last year, the heads of seven major banks in the United States, including Mr Corbett, were asked about their lack of diversity and whether they believe they can be won over by a woman or a person of color. No one said yes.
A few months later he was promoted to M.S. Fraser, said He went to America because of the opportunities he saw for women. But in a 2018 interview with broadcaster CNN he denied wanting the top spot.
“I look forward to seeing a woman become the first CEO of Wall Street.” She said. “I never had the ambition to be the CEO of Citi or any other organization. Things may change over time. But at the moment, I still have a lot to learn.”
Since its launch in Citi in 2004, Ms. Fraser has been frequently accused of diverting complex parts of the bank, making it the fourth largest in the United States. He worked in its mortgage division following the financial crisis and took charge in Latin America after a scandal at its bank in Mexico.
Ms. Fraser said being a good leader is about setting a vision, having the courage to make “tough calls” and asking questions.