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Breakthrough in US

Scot becomes first woman to head a Wall Street bank

Jane Fraser: groomed for job

Scottish career banker Jane Fraser will become the first woman to lead one of America’s biggest banks.

Ms Fraser takes over as chief executive of Citigroup in an appointment hailed as a breakthrough for women in Wall Street.

Only four of the 200 largest public US financial services companies have female CEOs.

Bank of America operations and technology chief Cathy Bessant tweeted: “Great news for the company and for women everywhere. A big and fantastic moment.”

While her rise to the top has not surprised her admirers – she was effectively groomed for the job by being appointed president last year – Ms Fraser once described pursuing a career while bringing up two children as “the toughest thing I have ever had to do”.

Born in St Andrews, 53-year-old Ms Fraser has degrees from Harvard Business School and Cambridge University.

She has worked at Citigroup for 16 years and as well as being president she is the head of its consumer bank.

She will replace Mike Corbat who is stepping down next February after 37 years at Citi, including eight at the helm.

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In a statement, he said: “I have worked with Jane for many years and am proud to have her succeed me.

“With her leadership, experience and values, I know she will make an outstanding CEO.”

Ms Fraser began her career at Goldman Sachs and was a partner at advisory giant McKinsey & Company.

Last year, when Wells Fargo was engaging in a public search for a new CEO, there was speculation that the bank could become the first led by a woman and Ms Fraser was apparently considered for that role. However, it went to Charlie Scharf, a former acolyte of JPMorgan Chase CEO Jamie Dimon.

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