Jane Fraser, a British-American banking executive, has carved her name into the annals of finance as the Chief Executive Officer (CEO) of Citigroup, first female. Since taking the helm and being the First Woman CEO of Citigroup, in March 2021, Jane Fraser has steered one of the world’s most influential financial institutions into the future. Her remarkable journey to the pinnacle of the banking industry is a testament to her outstanding leadership and dedication.
Jane Fraser, Citi CEO, first woman in the firm’s history, completed a strategy refresh at the world’s most global bank. Despite an implausibly volatile geopolitical environment, she steered Citi to robust first quarter 2022 earnings—returning $4 billion to shareholders, while commanding 200,000 employees globally, and serving millions of consumers and businesses across 95 countries.
The current estimated net worth of Citi CEO Jane Fraser is estimated to be about $13.64M. Jane Fraser owns about 109,665 units of Citigroup Inc. common stock. In the last 7 years at Citigroup Inc., Jane Fraser has sold an estimated value of $16.33M worth.
Jane Fraser’s leadership style and philosophy.
What sets Citi CEO Jane Fraser apart as a leader is her relentless to make the bank future ready, having empathy for its clients and people, and diversity. Fraser has recently taken several visible measures to secure her organization’s global profitability, including unifying Citi’s Wealth business and streamlining its global consumer operations. Since announcing plans to exit 13 consumer markets across Asia, Europe, and the Middle East last year, Citi has reached agreements to sell nine of them.
Jane Fraser’s leadership style has helped in positioning Citi to be the bank of the future, leading the execution of Citi’s strategic business transformation—with an emphasis on digital upgrades and process simplification. This reengineering work continues to drive higher returns, lower Citi’s cost of equity, and increase value for the firm’s shareholders. In parallel, several noteworthy infrastructure investments—driven by the need to strengthen customer service for both retail and business clients—have increased the firm’s efficiency.
Jane Fraser’s strategic vision for Citigroup since becoming CEO
From her first day as Citi’s CEO in March 2021, Fraser has been a catalyst for cultural transformation, unflaggingly extolling the virtues of affinity and sincere listening. In a widely circulated LinkedIn post, Fraser heralded to the world that her firm’s future prospects would be determined, not only by unceasing innovation and value-creation but through empathy for its clients and people.
“It’s time to bust some more myths! Empathy is not a sign of weakness. In fact, it can create a competitive edge. Empathy is about listening to our clients rather than pushing a product or our idea. Incorporating our people’s circumstances into our plans rather than telling them to conform. As with every generation, we get to redefine modern leadership. In such a digital world, scale, agility and client centricity are an imperative, and excellence is the only standard. I believe empathy helps us achieve them. Let’s set a new way of showing leadership,” she wrote.
Jane Fraser’s transformations for the success of Citigroup
First Lady of Wall Street Jane Fraser’s commitment to improved communication and transparency across all levels of the organization has garnered her the respect and loyalty of the firm’s workers post-pandemic. In a 2021 survey, 91% of Citi staff said they believe the company is effectively communicating its plans and response to COVID-19.
During the challenging times of the COVID-19 pandemic, Jane Fraser adopted a different approach, allowing staff to work from home and offering greater flexibility in their schedules. She aimed to differentiate Citigroup from other bulge bracket banks and make it a more attractive employer. Her leadership approach emphasizes innovation and adaptability.
Since her tenure as Citi CEO, Jane Fraser, the bank has worked overtime to move its ESG agenda forward, incorporating its eco-friendly ethos into the firm’s business model. As part of Citi’s dedication to furthering climate solutions that range from renewable energy to wet-land conservation and green transportation, they have pledged to become a Net Zero carbon emission company by the year 2050. The firm is also endeavoring to finance $500 billion in environmental projects by 2030, in consensus with the most recent Sustainable Development Goals put forth by the United Nations.
Citi’s efforts for affordable housing
The bank is providing $5.6 billion in loans to spur projects that will equip families with homes that are physically secure and fiscally accessible. Through the $200 million Citi Impact Fund, the company is making equity investments in “double bottom line” private sector enterprises that are remedying the most pressing social issues in the United States.
Efforts by Jane Fraser to promote diversity and inclusion within Citigroup.
Most of the fund’s investments for housing so far have been allocated to companies founded by women and racial/ethnic minorities. As of April 2022, the Citi Impact Fund was supporting 13 Black founders, which translates into 41% of the Fund’s portfolio and 28% of its total investment equity.
On her desire for expanding Citi’s social impact goals Fraser said, “I firmly believe that greater diversity, equity and inclusion enable progress. To me, diversity is about different perspectives and ideas, equity is about creating a fair playing field for all, and inclusion is about empowering people to be their authentic selves so they can play to their strengths.”
Her goal to increase the percentages of women in the firm globally and Black talent in the U.S. She also continued with pay equity, and celebrated the promotion of one of the largest and most diverse managing director classes in recent years. In her leadership, Citigroup has already invested more than $1.1 billion in strategic initiatives to help close the racial wealth gap in the U.S., as part of Action for Racial Equity.
By making it a long-term strategy to create a culture defined by inclusion and equity she continued to embed diverse representation and equity in the business strategy as well as executive scorecards so that it becomes a standard practice for employees, colleagues, clients and customers. According to Jane it is a priority and challenge to everyone to do more because it’s necessary for everyone in the firm to succeed.
Citi CEO Jane Fraser, a leader beyond banking
Jane Fraser’s influence goes beyond the world of finance. She is involved in various organizations, serving as Vice Chair for Partnership for New York City and a member of the Harvard Business School’s Board of Dean’s Advisors, the Stanford Global Advisory Board, the Economic Club of New York, and the Council on Foreign Relations.
Her leadership extends to the Touch Foundation and Citigroup’s Operations team, where she has played a crucial role.
Honors and Recognition
Jane Fraser’s remarkable journey in banking has earned her numerous accolades and recognition’s. She has been ranked among Fortune’s “Most Powerful Women in Business” and recognized as the “Number 1 Woman to Watch” by American Banker, both in 2014 and 2015. In 2021, she was selected for Forbes’ “50 Over 50,” a list celebrating entrepreneurs, leaders, scientists, and creators over the age of 50.
