Banking, long dominated by men, now outpaces other industries in promoting women, a point underscored this week when Citigroup named Jane Fraser as its next CEO
, giving them jobs that place them on the executive track —and potentially in the corner office. When Ms. Fraser at Citi succeeds Michael Corbat upon his retirement in February, she will become the first woman to run a major Wall Street bank.
The appointment reflects efforts at Citi and some other large financial services firms to put women in roles where they are responsible forand get the broad experience needed to advance to the highest echelons. During the financial crisis, Ms. Fraser ran the bank’s strategy division, laying the groundwork to shrink the bank and sell units like the Smith Barney brokerage. Citigroup then tapped her to shore up its private bank for the ultrarich. From there she moved to St. Louis to run its mortgage unit, looking after a battered business serving homeowners worried about foreclosure.
In 2015, Ms. Fraser went to Mexico to run the bank’s scandal-marred Latin American business, turning over the male-dominated management and boosting its financial performance. Last year, Mr. Corbat and Citigroup’s board named her president and put her
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