This profile of jane fraser was first published on december 18, 2019 after ms fraser was appointed citigroup president. she was formally named successor to mike corbat as leader on thursday.

Citigroup president jane fraser began her profession at mckinsey by saying she'd only take the task if she could work directly for consulting giants head of financial. shes the sole person whos ever done that, recalled lowell bryan, the mckinsey banking supervisor who had been so suitably impressed because of the precocious 26-year-old that he hired the girl.

Twenty-five many years later on, ms fraser is being tipped for a significant first after she wasnamed president of citigroup in october. this puts the 52-year-old scot in line in order to become 1st female supervisor of a significant wall street bank.

The woman promotion to the number-two job at citi comes at a critical juncture for the us loan provider, whoever performance has lagged behind that of competitors jpmorgan and bank of the united states over the past three years. investors arepressing for bolder strategic decisions at group degree and much better overall performance at its consumer banking division, which ms fraser today oversees.

Peers say the gutsy streak mr bryan recognised in 1993 features trapped with ms fraser throughout her profession. in the past 15 years at citi shehelped guide the financial institution out from the economic crisis, reshaped its exclusive bank following the 2012 sale folks brokerage smith barney, and led its home loan business through the dark days of 2013 to 2015.

Now, ms fraser features led citis sprawling and often embattled latin-american unit, managing the closure of its retail banking and charge card businesses in brazil, argentina and colombia and championing abillion-dollar investmentin mexican subsidiary banamex.

Ms fraser, whom declined to be interviewed because of this article, features obtained pals and followers on the way. peers praise her quite strong task management skills and ability to rally morale, which she displayed as citis head of method within the financial meltdown and soon after during staff slices whenever she ran different divisions.

They also state that she actually is recognized to go to festivities to mark the profession milestones of men and women she's got very long since ended using, and has now a fondness for pranks. several times she left a senior colleague shoeless after concealing their discarded couple of cowboy shoes.

This woman is good cop and bad cop rolled into one,said an old colleague.

The depth of ms frasers working knowledge may be the primary question mark over her chancesof succeeding mike corbat, having run citi since 2012.

She does not have the amount of experience or working important things on bank, one contemporary said. her roles have already been mainly strategic and consultant-like, and she's not run any one business for lengthy.

Other potential contenders to ensure success mr corbat include citis historical financial investment lender boss paco ybarra, and primary monetary officer mark mason, who has got held working and strategic functions.

Ms fraser, on her behalf part, has remaining her mark on citi. as mind for the personal bank, she enhanced income bymore than a fifth from first 1 / 2 of 2010 on very first half 2013, and overhauled the divisions leadership. strategic decisions included instigating a fee schedule which was indifferent to whether consumers utilized citis interior investment managers or some other company like blackrock, a move that helped the bank avoid the conflicts interesting that plagued competitors.

A colleague which worked at citimortgage, the st louis, missouri-based mortgage bank that ms fraser had been appointed to run in 2013, said she introduced a focus and an energy to a battered division. right after she came, she wore a st louis cardinals jersey (your local baseball staff) to a town-hall meeting, the former colleague recalled: she was able to [...] have actually folks worked up about contemplating the next day instead of just how exactly we cleaned up yesterday.

Ms fraser has also been instrumental in enhancing connections with regulators, and a-year into the woman time operating the mortgage bank citi assented a $7bn settlement for allegedly misleading home loan relationship people.

During the mortgage business, ms fraser improved overall performance by cutting working expenses and switching to originating mortgages through citis very own retail stations instead of through agents. this made it more straightforward to in addition offer those customers checking reports and charge cards.

Michael helfer, which sits in the board of banamex, stated that in latin america, ms fraser grabbed everybody partially because she spoke spanish and partly because she straight away begun to work out control in a suitable way at banamex. the american subsidiary was in the crosshairs of regulators for previous control problems that would cause $100m of fines. under her tenure from 2, like-for-like profits at the latam unit expanded almost a 3rd, while earnings attained two-thirds.

She has a strong reputation as a fixer and a builder and a grower,said jason goldberg, analyst at barclays, adding that ms fraser would build a higher additional profile through her brand new part as president.

She's also known on her behalf ferocious work principles. mr bryan, her previous mckinsey supervisor, stated ms fraser was much more adept than we of either sex at to be able to do both family and also the firm. he recalls staying with ms fraser and her husband, finding the woman taking care of the woman computer within the cooking area at 3am.

Banamexs mr helfer added: we enjoyed dealing with her but i became pleased i didnt work for the girl.

Mr corbat has actually notset a pension date, and ms frasers brand-new role offers the lady a good platform to put and prove herself as a successor. mike mayo, analyst at wells fargo,said that citigroups customer lender is extremely clearly the poor link and having its overall performance consistent with colleagues is considered a big success by people.

This improvement is a necessary condition on her marketing to chief executive, however an acceptable one. mr mayo added top individual to do the job could possibly be jane fraser if she gets better the consumer lender returns, however it may be some body away from company eg [jpmorgans] marianne lake.