Jane Fraser is a Scottish-American banking executive. She is currently serving as the president of Citigroup. She is also the CEO of Consumer Banking. Citigroup announced in September 2020 that she would take over as the CEO of the entire corporation replacing Michael Corbat. She will take her new position in February 2021 and will become the first woman to head a major Wall Street bank. Previously, she was a partner at McKinsey & Company for 10 years.
What is Jane Fraser Famous For?
- Current President of Citigroup.
- Set to become the CEO of the entire Citigroup corporation in February 2021.
Where is Jane Fraser From?
Jane Fraser was born on 13 July 1967. Her birth place is in St. Andrews in Scotland. She holds Scottish-American nationality. She belongs to white ethnicity and her religion is Christianity. Information about her family, parents, and early life are not available at present. It will be updated soon.
Regarding her educational background, she attended Girton College, Cambridge. She graduated with a BA degree (promoted to a MA per tradition) in economics in 1998. She worked from several companies before she enrolled at Harvard Business School. She received her MBA from Harvard in 1994.
Jane Fraser Citigroup
- After receiving her BA in economics, she worked as a mergers and acquisitions analyst at Goldman Sachs, London.
- She worked there from July 1988 to July 1990.
- She then joined Asesores Bursatile, a Madrid-based securities broker as a brokerage associate.
- She worked there from August 1990 to June 1992.
- She then joined Harvard Business School in 1992 and obtained her MBA in 1994.
- After graduating from Harvard in 1994, she joined McKinsey & Company.
- She joined the company working in financial services and global strategy.
- She eventually became the company partner.
- She worked for McKinsey & Company in New York for the first six years.
- She then worked for the company in London for four years. She worked only part-time while raising her young children.
- She wrote articles on globalization.
- She co-authored the 1999 book, Race for the World: Strategies to Build a Great Global Firm.
- For the book, she traveled to several Asian countries: China, Hong Kong, Indonesia, Singapore, and India to interview McKinsey clients about their global challenges.
- Citigroup executive Michael Klein encouraged Fraser to move to Citigroup.
- Fraser left McKinsey & Company to join Citigroup in July 2004.
- She joined Citigroup as Head of Client Strategy in Citigroup’s investment and global banking division.
- She was promoted to Global Head of Strategy and Mergers and Acquisitions in October 2007.
- She held the position until May 2009.
- She became the CEO of Citi Private Bank in June 2009.
- The bank was running an annual deficit of approximately $250 million at the time of her promotion.
- It returned to the black during her four-year tenure.
- She made the changes to implement a decrease in the ratio of private bankers to the clients, with a target of one banker for every 30 clients and the removal of commissions and sale formulas for bankers in favor of a year-end discretionary bonus.
- She was named the CEO of CitiMortgage in 2013.
- Under her leadership, Citigroup’s mortgage division coincided with the marketwide drop in demand for mortgage refinancing, forcing the bank to refocus its efforts on selling residential mortgages to home buyers. Citigroup closed several mortgage offices nationwide and laid off 1,000 employees in September 2013 alone.
- She was promoted to CEO of US Consume and Commercial Banking in March 2014.
- She was named CEO of Citigroup Latin America in April 2015. She overlooked operations in 24 countries.
- She was appointed the President of Citigroup and Head of Global Consumer Banking (GCB) in October 2019.
- Citigroup announced in September 2020 that Fraser would become the CEO of its entire organization following Michael Corbat’s retirement in February 2021. She would become the first female CEO of a Top-Tier Investment Bank.
Jane Fraser Husband
Jane Fraser is a married man. She is married to Alberto Piedra. Her husband is a Cuban-native. Her husband left his job as a bank manager in Europe during the financial crisis of 2008 to spend more time caring for their young children. Fraser also worked part-time at the time to focus on raising their children. The couple has two sons.
Jane Fraser Salary
Jane Fraser is one of the top bank executives. Having previously worked for McKinsey & Company for 10 years, she joined Citigroup in 2004. Climbing through the ranks, she is now the President of Citigroup and the CEO of Consumer Banking. She is set to become the first female to head a major Wall Street bank, after she assumes the CEO of Citigroup in February 2021. As a top bank executive, she certainly receives a handsome salary. It is reported that she has received $17.3 million in total compensation by 2019. She received $500,000 as a salary, $4,801,276 as a bonus, awarded $11,995,705 as stock and $16,800 came from other types of compensation. She will take over as the CEO of the entire Citigroup in February 2021, she will surely make more than present. This information is according to proxy statements filed for the 2019 fiscal year. Her net worth will be updated soon.