British banker is First Lady of Wall Street: Citigroup names Scottish-born Jane Fraser as its next boss
A British woman is about to become the First Lady of Wall Street.
Citigroup has named Scottish-born Jane Fraser as its next boss.
The married mother-of-two – who described pursuing a career while bringing up children as ‘the toughest thing I have ever had to do’ – will make history next year as she becomes the first woman to lead one of America’s biggest banks.
Citigroup has named Scottish-born mother-of-two Jane Fraser as its next boss. It means she becomes the first woman to lead one of America’s biggest banks
The appointment was hailed by fellow bankers on Wall Street.
‘Great news for the company and for women everywhere,’ tweeted Bank of America operations and technology chief Cathy Bessant. ‘A big and fantastic moment.’
Born in St Andrews, the 53-yer-old has degrees from Harvard Business School and Cambridge University.
She has worked at Citi for 16 years, and is its president and the boss of its sprawling consumer bank.
She will replace Mike Corbat, 60, who is stepping down next February after 37 years at Citi, including eight at the helm.
Fraser, who has long been a rising star in the financial services industry, has already made her mark at the lender.
During her time as head of the private bank, she increased revenue by more than a fifth between 2010 and 2013.
She started her career at Goldman Sachs and before joining Citi in 2004, Fraser (pictured) was a partner at advisory giant McKinsey & Company where she also made an impression on colleagues.
Then 26, she said she would only take the job if she could work directly for the head of banking.
Lowell Bryan, who held that position, was so impressed by her forthright attitude that he hired her. In a McKinsey report, she later said: ‘Being a mother of young children and having a career is the toughest thing I have ever had to do.
‘You are exhausted, guilty, and you must learn how to do things differently. It was the making of me because I became much more 80-20 – focusing on what was really important – got good at saying no, and also became more human to the clients who also face many of these issues too.’
JP Morgan, America’s most profitable bank, may soon be following in Citi’s footsteps as Marianne Lake is widely tipped to become the next boss when Jamie Dimon retires in around five years.
Lake, 51, who is also British, has spoken about the importance of diversity in finance.