Jane Fraser

Jane Fraser’s stint at Citigroup, long marred by the regulatory orders she inherited when she took the role in 2021, has had a largely back-to-basics tone. Wall Street’s first female CEO launched a multiyear strategy focusing on Citi’s five core businesses: services, markets, banking, wealth, and U.S. personal banking—all five of which now report directly to Fraser, following recently announced changes to make operations more simple. Other unloading efforts have been rocky: In May, the company had to pivot from its plans to exit its Mexico consumer unit, instead opting to list it as an IPO. Though the company’s personal banking and wealth management earnings have trended up, Citigroup’s stock price was down 8.2% for the year as of early October; its share price is lower than it was 10 years ago, and net income dropped from almost $22 billion in 2021 to $14.8 billion in 2022. Fraser still has a lot of tearing down and building back up to do if Citigroup wants to keep up with more profitable competitors like JPMorgan Chase.