Wall Street Bank Chiefs Hold Most Power Since Global Crisis

The last time every major US bank boss also led their boards, Steve Jobs was launching the first iPhone and Bear Stearns had a market value of some $20 billion.

With Citigroup Inc. Chief Executive Officer Jane Fraser adding the title of chair this week, it’s the first time during the modern US financial landscape that the CEOs of all the biggest banks also sit atop their boards. It was last in 2007 that Citigroup had the same person as both CEO and chair — back when Bear Stearns, Lehman Brothers, Merrill Lynch and Washington Mutual were all big names in banking, before the global financial crisis reshaped the industry.