Jane Fraser, born in 1967, is a Scottish native who graduated from the University of Cambridge. On September 10, 2020, Citigroup announced that Jane Fraser would become the CEO of Citigroup in February 2021. Not only is Jane Fraser the first female CEO of Citigroup, but she is also the first female CEO of a major Wall Street bank, breaking the "glass ceiling" for women in the American banking industry.

Early Life:

After graduating from Cambridge University, Jane Fraser, at the age of 21, began her career as a mergers and acquisitions analyst at Goldman Sachs in London. Two years later, Fraser left Goldman Sachs to work in stock brokerage in Madrid, Spain. After two years in Spain, the young Fraser decided to move to the United States, where she spent two years earning an MBA from Harvard Business School.

How did Jane Fraser become the CEO of a major bank?

In 1994, Fraser joined McKinsey & Company, working in financial services and global strategy. During her ten years at McKinsey, Fraser experienced success in both her career and personal life, becoming a mother of two children. In 2000, the same year she had her first son, she was promoted to partner at McKinsey.

In 2004, Fraser joined Citigroup. Before leading Citigroup's consumer banking business, she was responsible for the company's extensive Latin American operations, achieving remarkable results.

In 2007, as the subprime mortgage crisis swept through the United States, many financial giants, including Citigroup, were dragged into turmoil. As the global head of strategy and M&A restructuring, Fraser, along with then-CEO Vikram Pandit, undertook significant layoffs, selling off parts of the business, divesting, and raising funds, completing the substantial restructuring of Citigroup and showcasing her decisive decision-making skills.

From 2009 to 2013, Fraser served as the CEO of Citigroup Private Bank. From 2013 to 2015, she was the CEO of U.S. Consumer and Commercial Banking and Citigroup Mortgage Business. In 2018, she expressed her hope to break the glass ceiling for women on Wall Street. From 2015 to 2019, she served as the CEO of Citigroup Latin America.

In the first half of 2020, Citigroup's profits plummeted by 73% due to the impact of the pandemic. In August, Citigroup mistakenly transferred $900 million to a hedge fund, making headlines.

In the 2022 Fortune list of the world's most powerful businesswomen, Fraser ranked third, highlighting her outstanding position in the business world. As the first female CEO on Wall Street, she set an example for women in finance. She once doubted her abilities and thought that being a part-timer would not significantly impact her career.

Today, Fraser is the President of Citigroup and CEO of the Global Consumer Banking Division, overseeing consumer finance operations in 19 countries, including retail banking, wealth management, credit cards, and mortgages.

Personal Life:

Fraser is married and has two sons. Her husband, Alberto Piedra, was a banker born in Cuba. During the 2008 financial crisis, he resigned from his role as a European bank manager to spend more time caring for their young children.

In June 2015, Fraser participated as a volunteer in the renovation of the Liberty Square public housing project in Miami. In April 2021, during her first television interview as CEO of Citigroup, she revealed that she had been a proud American citizen for the past 20 years.

On May 26, 2021, while testifying before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Fraser stated that she first arrived in the United States in 1987 and became a U.S. citizen in 2001.