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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

Citigroup CEO Jane Fraser, the first woman to lead a major United States bank. Photo: SCMP Archives
Citigroup CEO Jane Fraser, the first woman to lead a major United States bank. Photo: SCMP Archives

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

As soon as Donald Trump became the 47th president of the United States he signed a host of controversial executive orders. As a result, all federal diversity, equity and inclusion (DEI) efforts have been stymied. Taking a cue from the administration, DEI policies at companies such as Meta, Amazon, Goldman Sachs, Target and Walmart have been quietly rolled back. The latest company to follow suit is Citigroup.
Customers using ATMs at a Citibank branch in the Jackson Heights neighbourhood of Queens, New York, in 2020. Photo: Reuters
Customers using ATMs at a Citibank branch in the Jackson Heights neighbourhood of Queens, New York, in 2020. Photo: Reuters

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.

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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?

Citigroup CEO Jane Fraser during the Hong Kong Monetary Authority’s Global Financial Leaders’ Investment Summit at the Grand Hyatt, Wan Chai, last November. Photo: SCMP Archives
Citigroup CEO Jane Fraser during the Hong Kong Monetary Authority’s Global Financial Leaders’ Investment Summit at the Grand Hyatt, Wan Chai, last November. Photo: SCMP Archives

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

Citigroup CEO Jane Fraser with Brian Moynihan, Chairman and CEO of the Bank of America, before a House Committee on Financial Services hearing in September 2022, in Washington. Photo: AFP
Citigroup CEO Jane Fraser with Brian Moynihan, Chairman and CEO of the Bank of America, before a House Committee on Financial Services hearing in September 2022, in Washington. Photo: AFP

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.