A glass ceiling has been shattered in finance: Citigroup president Jane Fraser will soon become the first woman to head a big Wall Street bank. Citigroup named her Thursday to succeed Michael Corbat when he retires in February.
Fraser currently heads consumer banking at Citigroup. Long seen as a rising star on the Street, Wells Fargo’s board considered her last year as a potential CEO candidate before settling on Charles Scharf of JPMorgan.
Fraser began her career at Goldman Sachs in the mergers and acquisitions department in London. She was a partner at the consulting firm McKinsey before joining Citi in 2004.
At Citi, she has run the bank’s Latin America business, its private bank, and its troubled mortgage business. She helped the bank recover after the financial crisis.
Female leaders in banking are also rare outside the U.S. Among the others in the exclusive club: CEO Alison Rose at Natwest Group and executive chair Ana Botin at Santander.