Citigroup names Jane Fraser as its first female CEO

This appeared in The Millennial Source

Only around 38 Fortune 500 companies are currently run by women. An even greater disparity exists in terms of race, with only five Black CEOs present on the Fortune 500 as of this year.

Citigroup Inc. recently announced 53-year-old Jane Fraser as its new chief executive officer. The move makes Fraser Citi’s first ever female chief executive and one of the few women leading top American banks and corporations.

Fraser’s appointment comes on the back of a decades long career across a variety of roles spanning investment banking, wealth management and more, with Fraser herself credited with helping Citi out of the dire straits it found itself in during the 2008 financial crisis.

Fraser was appointed president of Citi in 2019, which was largely seen as the first step on the road to her appointment as the group’s first ever female CEO.

Fraser’s appointment highlights the continued poor diversity record of Wall Street, the financial industry and big business. Only around 38 Fortune 500 companies are currently run by women, which, in percentage terms, boils down to 7.6%. An even greater disparity exists in terms of race, with only five Black CEOs present on the Fortune 500 as of this year.