Jane Fraser

Jane Fraser Keeps Proving Her Critics Wrong

“The Citi turnaround story is finally here, and finally real, at long last,” according to Fortune. Thank Jane Fraser. The longtime Citi vet was named CEO in 2021, becoming the first woman to head a major U.S. bank. At the time, the behemoth had become a laggard among the big banks, struggling with regulatory infractions, bloated business lines, embarrassing employee errors, and slim profit margins. Fraser decided to focus on areas where the company is a clear market leader — notably the bank’s lucrative wealth management division — and ditch business lines where Citi was seeing little return. She also bucked her peers by sticking with Citi’s hybrid work model, which she believes helped her succeed as a working mom earlier in her career and views as a competitive advantage to attract and retain talent. The results are clear: Citi beat analysts’ expectations in the fourth quarter of 2024 with a net income of $2.86 billion, up from a net loss of $1.84 billion in the same period last year.

By Audrey Goodson Kingo