Jane Fraser is currently head of Citi’s global consumer banking division, a major part of the bank that oversees checking and savings accounts but also Citi’s massive credit card business. She’s been with Citi for 16 years and had recently been tasked with leading the clean up of the bank’s troubled Latin American banking business. Now, as current CEO Michael Corbat prepares to exit the Citigroup, the company appoints Fraser as the next head. Fraser takes over from Corbat in February, 2021.
Corbat led Citigroup for eight years, rebuilding the company after it nearly collapsed during the Great Recession and 2008 financial crisis. Now Corbat passes on the baton to Fraser at a crucial time not only for the Citigroup but for the entire economy.
Fraser will be the first woman to lead one of Wall Street’s big six banks, a major accomplishment in an industry, otherwise long dominated by men. She gets entrusted with the role at a time when the world undergoes a major global health crisis also damaging the economy in many ways.
In a prepared statement, Fraser said, “Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”
Image Credits: NBC News
Up until February, next year, the economy would still be coping from the impact of the pandemic. it’s almost certain the U.S. and global economies will still be dealing with the impact of the coronavirus pandemic.
Since early this year, banks have set aside billions to cover potential loan losses as businesses and customers alike have fallen behind on payments. With a vaccine still months away at least, and the U.S. economy in a deep recession, the problems for borrowers are expected only to get worse as the country heads into the fall and winter. How does Fraser help Citi survive and thrive amid the rapidly changing and uncertain business scenario is to look forward to.