Citigroup putting Jane Fraser in line to be first woman CEO
National Review columnist Kat Timpf discusses how Citigroup may stop testing job applicants for marijuana.
Citigroup named Jane Fraser as the bank’s new president on Thursday, teeing her up as a potential successor to CEO Michael Corbat
If Fraser succeeds Corbat as chief executive when he vacates the position, she would become the first woman to run a Wall Street bank.
During congressional testimony in April, not one of the CEOs of the nation’s seven largest banks -- JPMorgan Chase’s Jamie Dimon, Morgan Stanley’s James Gorman, Bank of America’s Brian Moynihan, State Street Corp.’s Ronald O'Hanley, Bank of New York Mellon’s Charles Scharf and Goldman Sachs’ David Solomon -- raised a hand when asked whose bank might have a woman as its next CEO.
Corbat said he tapped Fraser, who previously served as CEO of Latin America at Citigroup, to become the second-in-command after considering Citi’s future “into the next decade and beyond.”
“In many ways, Jane helped shape the company we are today,” Corbat said in a statement.
Prior to Thursday, then-CEO of Global Consumer Banking Stephen Bird was considered a front-runner to lead the company; however, Corbat said Bird informed him that he’s leaving to pursue an opportunity beyond Citi.
Citi is the nation’s third-largest bank.