Citigroup’s Jane Fraser to Become Chief Executive


Instead, Ms. Fraser sought a more measured routine that would allow her to start a family while pursuing a career. She joined the consulting firm McKinsey & Company, but it was always a balancing act. In her speech in Miami, Ms. Fraser recalled receiving a phone call from her boss telling her she had made partner two weeks after she’d had a child, and rushing through the conversation thinking, “I have to feed the baby.”

“I’m a working mother,” Ms. Fraser joked in Miami. “I have three boys at home, I have a 14-year-old, a 16-year-old and a 59-year-old, and the oldest one, my husband, says he feels the same way.” Her husband, Alberto Piedra, ran Bank of America’s operations in Europe after spending 15 years at Goldman Sachs. He retired in 2009 as the head of global banking at Dresdner Kleinwort.

Ms. Fraser, who is the president of Citi, has run several businesses in her 16-year career at the bank, including overseeing its Latin American region. In a 2014 speech, she described her appointment as the global head of Citi’s mortgage business as a “turnaround” task. Her success there paved the way for her promotion to bank president last year, an appointment that teed her up as the bank’s next chief executive.

“We believe Jane is the right person to build on Mike’s record and take Citi to the next level,” John C. Dugan, Citi’s chairman, said in a statement. “She has deep experience across our lines of business and regions, and we are highly confident in her.”

In a note to employees, Ms. Fraser said that Citi had “a remarkable set of assets, starting with our people and a global network no one can match,” and it needed to “build on that foundation and position the bank for the digital and disruptive times ahead, and for consistent, sustainable performance and long term success.”

Word of Ms. Fraser’s coming promotion — to a position where she will oversee a bank that is the world’s biggest issuer of credit cards and has $1.96 trillion in assets — drew kudos from other powerful women on Wall Street.

“I always hoped that by the time I retired that there would be other women in C.E.O. roles,” said Beth Mooney, the former chief executive of KeyCorp, one of the 20 largest U.S. banks, who stepped down in April. “What an incredibly proud day this is,” Ms. Mooney said.



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