Jane Fraser (executive)

Jane Fraser
Born	(1967-07-13) July 13, 1967 St Andrews, Scotland
Occupation	Banking executive
Years active	1988–present
Known for	CEO of Citigroup

Jane Fraser (born 13 July 1967) is a banking leader holding dual British-American nationality, serving as the Chief Executive Officer of Citigroup since March 2021. She completed her studies at Girton College, Cambridge and later earned an MBA from Harvard Business School. Fraser spent a decade at McKinsey & Company, where she rose to partner status before transitioning to Citigroup in 2004. In 2019, she was appointed president of Citigroup and assumed leadership of its consumer banking division.

In September 2020, it was announced that Fraser would take over as CEO from Michael Corbat starting February 2021, marking a historic milestone as the first female CEO of a major U.S. bank. She has been recognized on Fortune's "Most Powerful Women in Business" list in 2014 and 2015, and in 2023, Forbes ranked her as the seventh most influential woman worldwide. Additionally, Fraser is a member of the President's Export Council.

Early life and education

Born on 13 July 1967 in St Andrews, Scotland, Jane Fraser attended Girton College, Cambridge from 1985 until 1988, where she earned a Bachelor of Arts degree in economics, which was later elevated to a Master of Arts degree by tradition. Following her undergraduate studies, she worked as a mergers and acquisitions analyst at Goldman Sachs in London between 1988 and 1990. Subsequently, she served as a brokerage associate with Madrid-based Asesores Bursátiles from 1990 to 1992. Fraser enrolled at Harvard Business School in 1992 and graduated with an MBA in 1994.

McKinsey & Company

Fraser joined McKinsey & Company in 1994, concentrating on financial services and global strategic initiatives. She attained partner status during her tenure, which included six years based in New York and four years in London. Throughout this period, she balanced part-time work commitments while raising her young children.

In 1999, Fraser co-authored Race for the World: Strategies to Build a Great Global Firm, a publication that showcased Citi as an exemplary case for utilizing business-system productivity across international markets. Her research entailed extensive travel throughout Asia to conduct interviews with McKinsey clients addressing global business challenges. Encouraged by Citigroup executive Michael Klein, Fraser joined Citigroup in 2004.

Citigroup

Fraser began her career at Citigroup in July 2004 as Head of Client Strategy within the investment and global banking division. By October 2007, she advanced to Global Head of Strategy and Mergers and Acquisitions, maintaining this position until May 2009. Her leadership coincided with the 2008 financial crisis, during which she played a key role in restructuring efforts, divestitures, and capital raising activities.

In June 2009, Fraser was named CEO of Citi Private Bank. When she assumed this role, the division was operating at an annual loss of approximately $250 million; under her guidance, it returned to profitability within four years. She introduced a reduced private banker-to-client ratio—targeting one banker per every thirty clients—and shifted compensation from commissions to year-end discretionary bonuses to enhance client trust and service quality.

Fraser took over as CEO of CitiMortgage in May 2013 amid falling mortgage refinancing volumes. She redirected the business focus toward residential mortgages for homebuyers, resulting in the closure of multiple offices and a workforce reduction of around 1,000 employees by September that year.

By March 2014, Fraser had been promoted to CEO of US Consumer and Commercial Banking. The following year in April 2015, she became CEO of Citigroup Latin America, managing operations across twenty-four countries. This appointment came after the retirement of Manuel Medina-Mora, former CEO of Citigroup’s global consumer bank. Operating out of Miami, Fraser was responsible for integrating the corporate culture of Banamex, Citigroup’s Mexican subsidiary since 2001. Banamex had incurred a $2.2 million penalty for fraud in 2014; its leader, Ernesto Torres Cantu, reports directly to Fraser.

In October 2019, Fraser advanced to President of Citigroup and Head of Global Consumer Banking (GCB), overseeing all consumer-related businesses such as Retail Banking and Wealth Management, Credit Cards, Mortgage services, as well as Operations and Technology across nineteen markets.

Advancement to CEO and Leadership Period

In September 2020, Citigroup revealed that CEO Michael Corbat would retire in February 2021. Fraser took over from Corbat, marking a historic moment as the first woman to lead a major Wall Street investment bank, heading the third-largest banking institution in the United States. During the COVID-19 pandemic, Fraser distinguished Citigroup by introducing permanent hybrid work arrangements and enhanced flexibility in scheduling, setting the bank apart from competitors such as Goldman Sachs and JPMorgan Chase in attracting talent.

Fraser had been slated to deliver remarks at the November 2022 Global Financial Leaders' Investment Summit, but she withdrew after testing positive for COVID.

Affiliations

Fraser holds the position of Vice Chair at Partnership for New York City and participates in advisory capacities with institutions including Harvard Business School, the Stanford Global Advisory Board, the Economic Club of New York, and the Council on Foreign Relations. Since 2021, she has overseen Citi’s Operations division. Additionally, Fraser served on the board of the Touch Foundation between 2006 and 2015.

Awards and Accolades

In 2015, Fraser was positioned 41st on Fortune magazine’s list of the 51 Most Powerful Women in Business, improving from 48th place in 2014. American Banker recognized her as the "Number 1 Woman to Watch" consecutively in 2014 and 2015.

She was featured in Forbes’ inaugural 50 Over 50 list in 2021, which spotlights entrepreneurs and leaders aged over fifty. In 2023, Fraser achieved a rank of fourth on Fortune’s Most Powerful Women ranking.

Personal Background

Fraser is married to Alberto Piedra, a former Cuban banker who left his finance career during the 2008 economic downturn to prioritize family life. Together, they have two sons. In June 2015, Fraser took part in Citi Global Community Day by volunteering to help refurbish Miami’s Liberty Square public housing.

In her first televised interview as Citigroup CEO in April 2021, Fraser disclosed that she has been a U.S. citizen for more than two decades despite her British accent. During congressional testimony in May 2021, she stated that she arrived in the United States in 1987 and obtained citizenship in 2001.