Citigroup Inc. picked Jane Fraser as its next chief executive, making her the first woman to run any major global bank.
Fraser will succeed Mike Corbat, who is retiring in February after more than eight years in the top job, the bank said in a statement. Fraser, who was named the company’s president last year, will join the board immediately.
Corbat helped Citigroup shrink and return to consistent profitability after the behemoth almost collapsed in the 2008 financial crisis. Now, Fraser will be tasked with improving returns that trail industry leader JPMorgan Chase & Co. and using the bank’s global network in a world that’s seeing more nationalism and trade barriers.
“We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution,” Corbat said in the statement. “There is always more to do and I believe the time is right for my successor to lead Citi through this next stage of progress.”
Fraser, who’s Scottish, joined Citigroup in 2004 and has since risen to become the head of the bank’s sprawling consumer operations after stops as head of the bank’s Latin American business and its private bank. Her promotion last year came after she was viewed as a potential candidate for CEO jobs at other banks, including Wells Fargo & Co.
Under Corbat, Citigroup has become a slimmer organization with just two main businesses: the institutional clients group and the global consumer bank. In the institutional unit, Corbat has focused the bank’s efforts on its “network” businesses, such as its treasury and trade solutions group, which he often refers to as the “backbone” of the bank.
Corbat, 60, is bowing out as Citigroup battles one of its biggest challenges ever with the coronavirus pandemic, which has forced the bank to keep much of its workforce home and craft widespread forbearance offerings for its customers around the world.
As the world’s largest credit-card issuer, Citigroup will soon see the global tidal wave of unemployment begin to make its way to its portfolio as those programs and government relief funds slowly run out. Citigroup said it would announce a successor for Fraser to run the consumer unit in coming weeks.
“The way our team has come together during this pandemic shows what Citi is made of,” Fraser, 53, said. “I am excited to join with my colleagues in writing the next chapter.”
Markets will always create reasons for investors to worry. The advisor’s role is not to predict uncertainty, but to help clients understand why volatility should not derail a well-built financial plan.
Plus, Asset-Map partners with Contio to elevate the advisor meeting experience, and MyVest claims an innovation in portfolio management with separately managed models.
Meanwhile, Cetera has drawn advisors managing around $390 million from LPL and Commonwealth, while Raymond James' financial institutions division announces its own LPL hire in Indiana.
Synthesis Wealth Planning brings a fivefold asset growth story and a recently merged practice to the Bluespring fold.
Janus Henderson Investors research reveals demand for transparency, but lack of awareness of AI’s prevalence in the corporate world.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
