Meet Citigroup CEO Jane Fraser: originally from Scotland, she is the first woman to lead a major US bank, has raised two sons – and just rolled back her company’s diversity efforts
Fraser spent her teenage years in Australia and has 2 master’s degrees, from Cambridge and Harvard; her Cuban-born husband quit his job as a banker to support her as a stay-at-home dad
In a recent notice to employees, CEO Jane Fraser, 57, revealed that the “diversity, equity and inclusion and talent management” team had been renamed the “talent management and engagement” team and that the hiring process would no longer be required to comply with the diversity goals it previously followed, reports Business Insider.
So just who is Jane Fraser, Citi’s first female CEO and the first woman to head a major American bank?
What is Jane Fraser’s background?
Per the Daily Mail, Fraser hails from St Andrews, Scotland, but is now an American citizen. Her father worked as an accountant and she spent her teenage years in Australia after her family moved there when she was 12. According to her LinkedIn profile she attended the University of Cambridge and came out with a master’s degree in economics, also earning an MBA from Harvard Business School. She’s now on the school’s Board of Dean’s Advisors.
She has worked at Citi for decades
Before joining Citi, Fraser worked as an analyst at Goldman Sachs, per her LinkedIn page. She also spent time at consultants McKinsey & Company, where she was made a partner, says the Daily Mail, and finally entered Citi as the head of client strategy in 2004. She quickly climbed the corporate ladder and landed the CEO role in 2021. In 2024, Fraser earned US$34.5 million from Citi, per Reuters.