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Women Make Gains on Bank Boards, But Men Still Hold the Power

  • Citi’s Fraser stands out as sole female CEO in S&P banks index
  • Female bank directors’ share on boards topped 33% in December
Jane Fraser
Jane FraserPhotographer: Kyle Grillot/Bloomberg

A record number of women now hold seats in the boardrooms of the largest U.S. banks. Most of them are still waiting for the power that should come with their positions.

Citigroup Inc.’s Jane Fraser started this year as the sole female chief executive officer among 19 members of the S&P 500 Banks Index. None of the companies have a woman in the chairman’s seat. Among lead directors, who stand as a check on many of those chairmen, only three are women. The vacuum persists even as women on those boards surpassed a third of seats in 2021, a level seen as key in gaining influence.