Briton Jane Fraser has been titled as the first woman CEO of the giant investment bank and prime Wall Street Bank, Citigroup Inc. Born in Scotland, Fraser has been with Citi for 16 years and was placed as Citi's president and the CEO of the consumer banking segment of the firm.
Additionally, she previously headed the company's Latin America division and now manages operations in 19 countries. John Dugan, the chairman of Citi, was delighted by this decision and believed that Jane would undoubtedly aid in the development of the bank. He also expressed that Jane has significant experience in the business areas and regions, and therefore the company has a lot of faith in her.
The bank, which was once the industry's troublemaker, has stabilized and improved its capabilities, proving to be efficient and profitable even during the outbreak. Unlike her predecessors, Jane joins Citigroup at a phase when the business is still basically laying low. However, Citigroup, once the world's largest financial services company, struggles to cope with competitors. Citigroup's market cap is half of what it was in 2006, though Goldman Sachs Group Inc. and Morgan Stanley are reaching new heights. JPMorgan Chase & Co. and Bank of America Corp. have now exceeded their profit and sales, which were once about double those of other central banks.
The new Citigroup was founded in 1998 as a joint venture between Citicorp, a consumer-focused corporation, and Travelers Group, a robust Wall Street bank. Citi lists under the New York Stock Exchange with a market capitalization of $143.837billion. The 53-year old, Fraser, presently has to revive the $2.3 trillion powerhouse. However, she already initiated a "refresh" in the pursuit of creating the bank run more efficiently and enhancing it in every possible way. In a recent interview, Ms. Fraser conveyed that she is ultimately looking for what is functioning correctly in the bank rather than what's not. She is entirely into making a brighter future for Citigroup.
Ms. Fraser claimed that the issue of regulation is her top priority. The bank reached a February deadline for diagnosing its risk concerns, and executives said the association with regulators has been fruitful. She has called the project a "transformation," describing it as a chance for the bank to make improvements overdue that are unsettled and competitively critical. Jane Fraser was listed on Fortune's "Most Prominent Women in Business" list in 2014 and 2015, as well as American Banker added her the "Number One Woman to Watch" for two years in a row. Looking at her confidence and previous work experiences, it can be undoubtedly said that Citi is in good hands.