CEO
Citi
Five years ago, Jane Fraser was at a gas station in Idaho with her husband when she received a surprise message asking her to call her boss. It was the Friday before Labor Day, and the couple was driving from their house in Wyoming to Montana for a weekend of fly fishing.
Fraser made the call and shortly thereafter, she and her husband turned around and drove five hours back to Wyoming to talk in person to Michael Corbat, the CEO of Citigroup and Fraser’s boss. The subject to be discussed: Corbat’s pending exit and Fraser’s next big assignment.
Fraser, of course, became Citi’s CEO, formally succeeding Corbat in 2021, about six months after he called her back from her trip and told her that he would be retiring. The promotion made her the first woman to run Citi and the first, and still only, woman sitting atop a Wall Street bank.