Jane Fraser, the Woman Shattering Wall Street’s Glass Ceiling

A 16-year veteran of Citigroup, Fraser has done stints as global head of strategy and head of Latin American operations. Last year she took over the consumer unit, the world’s largest credit card issuer. One thing she’s been focused on in 2020 is increasing deposits from U.S. customers, with an emphasis on getting people to sign up for checking accounts on their mobile phones; in the third quarter, average North American deposits climbed 19% from a year ago, to more than $182 billion. Fraser has also been in charge of Citigroup’s domestic response to the coronavirus pandemic.

One of her most immediate tasks as chief executive officer will be fixing the bank’s data and risk management systems, which it’s failed to update for some time. Regulators including the Federal Reserve and the U.S. Department of the Treasury’s Office of the Comptroller of the Currency are requiring the improvements. Fraser has started by analyzing what part of Citigroup’s technological infrastructure needs the most attention. The process is expected to take years.