Citigroup

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune Global 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

America's Most Innovative Companies

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are banks, insurance, and real estate companies.

Fortune Sector Leaders: Financials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 200 companies on this list are transforming industries from the inside out.

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

World's Most Admired Companies

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

GLOBAL-500-2023-Citi-Group

The 300 companies on this list are transforming industries from the inside out.

Fortune collaborated with the Diligent Institute to rank the most innovative boards of directors among S&P 500.

Modern Board 2023-Citigroup

Citigroup’s board boasts an impressive array of finance executives, and it scores high on gender diversity. Seven of the 13 directors are women, making it one of the most gender-inclusive boards in finance. Some of the accomplished and influential women on the board include Ellen Costello, the former CEO of BMO Financial; Grace Dailey, former deputy comptroller for Bank Supervision Policy and chief national bank examiner; former Citibank CEO Barbara Desoer; and current CEO Jane Fraser. At least two-thirds of the board is independent. Citigroup has seen solid growth this year. Its first-quarter revenue from its Asia Wealth division grew 20% because of its investment gains and new regional clients. The bank’s stock is up 20% year to date.

Fortune Modern Board 25

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500-2023-036.-Citigroup

The third-largest commercial bank in the U.S. jumped eight spots on this year’s list as the company posted impressive revenue growth even with rising interest rates rattling the banking sector. 
<ul> 
 	<li>The bank posted an eye-popping $101 billion in revenue this year, up 27% from the year prior.</li> 
 	<li>The company reported a profit of $14.8 billion for 2022, down 32% from the year prior largely because of rising interest rates.</li> 
 	<li>In 2023, the bank’s first-quarter revenue from its Asia Wealth division grew 20%, boosted by investment gains and new regional clients.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Modern Boards 2022 Citigroup

Citigroup is the third-largest banking institution in the U.S., with over 200 million customer accounts in more than 160 countries. Its directors include five former and two current CEOs—including its own, Jane Fraser; and Renee James, the founder, chairman, and CEO of Ampere Computing. 
 
On the ESG front, in March 2021 Citigroup combined three of its investment-banking groups as part of a broader push to reduce carbon emissions. Fraser has vowed to achieve net-zero greenhouse gas emissions in Citigroup’s financing activities by 2050.  
 
Citigroup’s board lineup scored high on gender equality, board independence, and board expertise. Other notable names on its board include Ernesto Zedillo, former president of Mexico, and S. Leslie Ireland, the former assistant secretary for intelligence and analysis at the Treasury Department.

This year’s Fortune 500 marks the 68th running of the list.

F500 2022-Citigroup

As of February 2022, Citigroup was the fourth-largest bank in the United States, with assets of $1.7 trillion. Under Jane Fraser, who became the first woman to run a major U.S. bank when she became CEO in March 2021, Citigroup has been reorganizing and refocusing. Revenue dropped 10% in 2021 as the bank began implementing a plan to exit banking and other services in 13 international markets. One of those markets is Russia—but Citi was still doing business there when Russia invaded Ukraine. In April 2022, Citigroup said it could face losses of as much as $3 billion related to its Russia exposure. At the time, Fraser also said the bank had 200 employees continuing to work in Ukraine, assisting clients with payroll, supply chains, and obtaining food.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-082-Citigroup

Citigroup made history in 2020 when it named the head of its consumer banking division, Jane Fraser, as successor to then-CEO Michael Corbat. In doing so, Citigroup became the first bulge bracket U.S. bank to be led by a woman. And so far, Fraser is signaling her willingness to go big and reorganize: Citigroup announced plans to shutter its consumer banking operations in 13 markets and has reshuffled leadership since the executive officially assumed her role. One mess that is still frustrating investors: In mid-2020 loan operators at Citi accidentally wired roughly $900 million to lenders of makeup company Revlon. While some recipients returned the funds, Citi has been unable to recoup hundreds of millions of dollars in the ongoing saga.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-33-Citigroup

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-070-Citigroup

Citigroup shareholders were richly rewarded in 2019 as shares soared a stellar 53%. Those returns come as Citi has rejiggered its business, eliminating hundreds of positions in its trading division as it has invested more deeply in providing banking services to corporations. Long considered second fiddle to the likes of Morgan Stanley and Goldman Sachs in the realm of investment banking, the consumer-facing giant also beefed up its roster of well-connected bankers in that space, as it vies for a top-three spot in the league tables. Under the hood, Citi reshuffled its executive team in 2019, elevating Jane Fraser to the No. 2 spot in management and the leader of its consumer banking business—and positioning her as a strong contender to be the first woman to eventually run a major Wall Street bank.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-031-Citigroup

Citigroup shareholders were richly rewarded in 2019 as shares soared a stellar 53%. Those returns come as Citi has rejiggered its business, eliminating hundreds of positions in its trading division while investing more deeply in providing banking services to corporations. Long considered second-fiddle to the likes of Morgan Stanley and Goldman Sachs in the realm of investment banking, the consumer-facing giant also beefed up its roster of well-connected bankers in that space, as it vies for a top-three spot in the league tables. Under the hood, Citi reshuffled its executive team in 2019, elevating Jane Fraser to the No. 2 spot in management and the leader of its consumer banking business—and positioning her as a strong contender to be the first woman to eventually run a major Wall Street bank.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Citigroup offers financial products and services globally to retail customers, businesses, governments, and investors through five business lines: services, markets, banking and international, wealth, and U.S. personal banking. In 2023, it was the third-largest bank by revenue in the U.S. behind Bank of America and JPMorgan Chase.

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Citigroup (C): Company Profile, Stock Price, News, Rankings

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Citigroup | Fortune

Citigroup (C): Company Profile, Stock Price, News, Rankings | Fortune

Marco Quiroz-Gutierrez

Tom Hayes, the UBS trader who spent 5 years in prison unjustly convicted of rigging interest rates, describes what it’s like to be vindicated

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Luisa Beltran

An elite new JP Morgan unit is driving deals for sports teams and stadiums—and bringing in billions

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Citi CFO leans into AI as Q2 earnings surge past expectations

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SPACs are back: This year’s crop of blank check companies lack celebrity sponsors, and that’s likely a good thing

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Citi and Wells Fargo join $31 million funding round for loan startup Setpoint

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John Kell

How Citi's CTO is rolling out new gen AI productivity tools to more employees across the globe

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JPMorgan's plan to charge for data could ‘cripple’ crypto and fintech startups, execs warn

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Silla Brush

Bloomberg

BlackRock ends diversity goals, merges DEI staff into new team

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Seamus Webster

A Citi exec hounded a broker for 4 years with messages like ‘nice feet’—but when the broker complained, she was the one forced to apologize

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Ken Sweet

The Associated Press

Citigroup has now been fined more than half a billion dollars for risk issues. CEO Jane Fraser has staked her tenure on fixing the bank

https://fortune.com/2024/07/10/citigroup-has-been-fined-half-a-billion-dollars-risk-failures/?itm_source=parsely-api

Fortune CEO Alan Murray sits down with the head of one of the Citigroup to discuss the economy, leadership, and the way ahead.

Jane Fraser on leading in a new era of business

Conferences

Thanks so much and again, thank you all for coming. We have a lot to talk about uh Jane. Thank you so much for agreeing to be the uh fire starter for our conversations tonight. So many things, anything for free dinner, it was a good dinner, it was a fabulous dinner. Um We, we, as I said earlier, we have so much to talk about the economy, inflation, the ge geo geopolitics, us, politics. Uh uh But I really wanna start with the most important topic, the one that really divides us and that is the return to the office. Now, there, there are a couple of bankers here in New York who have been quite vocal uh in demanding everyone back to the office full time, but you've been much more laid back about it, more embracing of hybrid work. How's that working for you? Uh It depends what business you're in. So if you're in an apprenticeship business, we're encouraging people to be in. Um because that the value I think many of us have all grown up the hard way. We're just sitting next to somebody who is teaching you how to do this and you can't really do that over zoom. But then we also have a huge number of folk who, um, they have a different circumstance. They're not a trader, they're non investment banker. Um, they're an environment which is more challenging frankly. Um And we find that their productivity is pretty good if they're coming in a couple of days a week, they still feel a sense of belonging to the institution, but they don't necessarily need to be, um, doing that commute. And it's particularly important for some of the women as well. And when we look at, you know, the, the core States in America, rather than those of us that have the privilege to be in New York City. Um, you know, they, they really value the ability to work from home. So on average, how many days a week, um for our people coming in around the world varies very much around the world, but on average people are in three and they're coming and they're coming in. Just Tuesday is a pretty big day, Tuesday and Wednesday are, obviously we have just, just a quick show of hands. I mean, it amazes me by the way, the intensity of the debate between the two day crowd and the three day crowd. But, but a quick show of hands if you're three and up and two and less. Wow, that's a pretty, uh, pretty even divide. Do you think that will shift over time? Are you shifting over time. Yeah, we, we certainly shifted for those. Say, we look at the, why, um, why, why do you get the value of being in? So if someone's not performing well, then we're saying you're coming in, you're getting coached, you're going to be there until you're performing more strongly again. And then you can go back and if someone doesn't want to do that, we have a different conversation and say, ok, this is probably not. Are those conversations happen? Um I must say for the um, there were quite a few of the younger investment bankers who last summer thought it was a five day a week in the Hamptons. When the wallet, the investment banking wallet collapsed and they worked out that they need to be in front of their bosses for visibility and for development and other pieces. They'd be more enthusiastic and then they come back in and actually they find they love it. They like the energy they enjoy being with people. They're learning more. Um But even at three, you're a little looser than those other two banks. So if you actually look at the data, we're all probably experiencing roughly the same thing, five days a week. They just, they breast feeding and yeah, then I think everyone's had challenges getting everybody in that much. Interesting. All right, let's, let's, let's, let's turn to the economy and the recession that the recession that no one knows when it's happening that keeps getting put off the recession has once again been delayed. Is it possible that we could have the mythical soft landing? It's kind of like the Phoenix, right? We, you know, we don't have this wonderful advisor who comes and talks to many of our clients called Larry Summers. And he always says that the soft landing is a bit like a second marriage. It's a triumph of hope over experience and he, he, by the way is in his second happily. But that was a very clever way to deflect my question. I was looking for a simple yes or no. Look, I think we think it's coming, but we don't think it's this hairy monster. Um I think we certainly heading for a slowdown. No one quite knows when it's coming because the US is so resilient. The late, you know, we over stimulated a well performing economy to make sure that people had jobs, um that resulted in four trillion of excess deposits hitting the financial system and hitting the the wallets of consumers must say, God bless America, we know how to spend. And we have good data on that though. There are many in the room that have good data on that. That is slowing down. We're certainly seeing the bottom two quintile lower deposits and they had PRE COVID. Um But the labor market is very tight, labor market is a participation is less than it was pre-covid and we're all feeling it. Um And the services continues to be a reasonably strong spend this too will come, will normalize or whatever the new normal is. And um, we're definitely seeing that a lot of signs of softening, but I'm not sitting here stressed about this because the consumer is entering in whatever the slowdown is in good health, the corporate client is in very good health on their balance sheets. The banks, there are, there is a handful of banks that were mismanaged, but largely the large banks are in very strong health. So the typical amplifiers of a recession just aren't in place. But I think this country powers out of whatever we go through. But of course, the flip side of the question is we power out of it and we get to the end of the year and you talk about how tight labor markets continue and we see inflation continuing at 5% and the fed has to March phase two. I mean, no, I think Jay was pretty clear today. I think he was pretty clear around. He thinks, you know, he's seen the numbers, he's a resolute and I think many of us think appropriately in making sure that the US does get inflation under control and that, that takes some economic pain. He will take that um because that economic pain is unlikely to be too bad, he'll see what the data is because there was there is credit tightening happening. Um And he wants to understand what that impact is. It takes a bit of a lag. So he took a pause this time, but he's pretty clear. He's, he's sure there's more needed and I think he's bought himself an ability to have a bit more of a pause. I think it's more likely when it plateaus to be higher for longer than everyone wants. Certainly, the market, like the markets has been desperate to get, you know, the rates coming down and every piece of news there and he's been a bit like me with my teenage boys of, oh, you're just not listening to me. Um that, that, you know, they won't, they'll keep on doing it. But, you know, you're right, he has a bit of that. Um I think he'll keep it higher for longer than most people would like and then it will pass. But overall, you sound pretty optimistic. I'm optimistic on America. Yeah, I've been traveling all around the world and you're seeing, you just never want to bet against the American entrepreneur and probably more than we thought five or 10 years ago. Right? I mean, we've lived most of this millennium with the sense that China was soon going to overtake the US. You were in China recently and, and I think that with mckinsey came out with a statement the other day that having been on the ground there, I tend to agree with them that the, you know, the next China is China. Um I'm, I'm very big on India. Um, but it's 3.5 trillion and China is 20 with the same population. Um, and they, they're very clear they've got a lot of challenges. Even the government was talking about a lot of the challenges that they're facing much lower growth, structural mismatch in the skills, 20% youth unemployment, et cetera. But um there's still, I think it's tough not to look at the innovation in that economy in the industries and not feel that they've got further to go. Your trip, there was seen as a symbol, you and a number of other people who've traveled over in recent months as something of a symbol that you believe engagement is the right strategy that don't let de risking decoupling whatever you want to call it go too far. Well, I've also got people on the ground and we've got clients on the ground, many multinationals, some of whom are companies in the room. Um, and you better be on the ground listening and understanding what's going on. So, um I've given the advice of big ears and thick skin by one of our board members as if you get those two things, right? Um, then you'll be a successful ceo um all the odds are good, you better be listening. And so I think you've got to engage, you don't need to agree, but you better be engaging and talking and I think, think Antony Blinken, there was um, was good news this week. You've been a real leader on the climate front. You've been a part of the Sustainable Markets initiative. You've, you've pushed forward on a lot of those things, but you're also living with the backlash here in the United States. How do you balance? Well, I, I just don't think energy security and the move to sustainability and to cleaner energy should be mutually exclusive. I think there are two things we have to solve together. You know, I, I grew up in northern Scotland. I know what it is like to be cold. It is not fun. Um, unfortunately, never been hungry. Um, but we need to have energy to power the growth in the global economy and the other pieces going forward at the same time, we have to be driving to scalable and affordable new sustainable energy sources. Um, and those two have to be worked out how we get them both together. So I don't think it's exclusive but path is not always a popular and I, I appreciate your optimistic words about what's happening in this U in the US right now in terms of the US economy, but the political situation is pretty fraught, very divisive. I'm not gonna put Brian Cornell. I want to put Brian Cornell on the spot, but I'm not gonna put him on the spot to get him. It's good to be with you too. But, but it's, but it's, it, it's, it's uh, it's nasty. You know, if people are looking for issues that divide us, uh, you face it in Texas. I know, uh, the, the state of Texas won't let you participate in bond offerings anymore because of a policy you have towards, uh, uh, gun makers. What, how, how, how do you, and it's only going to get worse. Right. We're heading into, to a big election year. How do you think about that? And how do you deal with that as a leader? We, we open our doors as a bank in 100 countries around the world. Um, there are many of them that have it a lot, lot worse than we do on that one. And you focus on what it is. Your company stands for, you focus on what it is that your clients need and you get on with the day job and you stand up for those two things and if you argue with them as to why you think they're wrong. But at the end of the day you go and find other people's bonds so they won't do that. Um, you are the first woman to run a money, big money center bank. Is that significant? Does that affect the way you lead? How do you think about that? Um, I hope that everyone who's got daughters in the room that you're encouraging them, that yes, you can, they can do it the same way as you, you know, the sons can do it too. So, you know, you feel a burden as a role model, depends on the day. Um, no, but every now and then you do, you know, it puts pressure on. You don't want, you know, we want to do a good job. But on the other hand, if you're honest, I don't think there's anyone in the room that doesn't want to do a good job. So it's probably just an excuse rather than real. Do you uh do you think you lead differently than your predecessors than other people in the industry? That's not to be, but it's just, it's one of the pieces I come from a different bank. I'm a scotswoman who is running an American bank um and a global bank. So I, you know, I hope I bring some different things to the table around it because that's part of the reason. Oh, I, I think I have the courage on some of the areas to lead, lead with a different style. And I think during COVID, which was a very human crisis that went through rather than a sort of a hard core financial crisis was one where it, it became um a voice that I was able to have more easily than some male peers did um around a different style of looking after one's people. I talk about empathy a lot. I think it's a hard skill. I, I see empathy as listening to clients and being in tune with your talent and therefore you'll come up with a competitive advantage in the talent market or you'll be listening to your clients instead of pushing your idea on them. Actually, what do they need? And how do you need to adapt to it, the big ears thing? And I think that leads to competitive edge, but I do think it's an easier, easier stance for a woman to have than a man. That's interesting. And I'm, I'm guessing in your industry. Uh But beyond your industry, I'm guessing they did when you were in business school, they didn't teach courses and empathy. No. Um uh And, and it did develop uh interestingly, by the way, we did a survey of Fortune 500 CEO S a couple of months ago and asked an open ended question. What did you learn about leadership during the pandemic? Let them answer it. However, they wanted to answer it. 50% of the responses use that word, which is not, I mean, I've been doing this for four decades. That is not a common part of, of, of the conversations I had prior to the pandemic. And I think some of the things evolve with it. So we talk about ourselves as being you have to be a bank with a brain um given the clients that we serve and solutions we have to come up with. But it's still a human bank. And I think those relationships and that focus on the human side of things is important and with a I changing and the change is coming as well. Um, you know, there's a human element that is an important part of the equation to think about as a leader. You were given a tough job. Uh, city was, I would say a turnaround. I mean, it had, it had a tough decade in lots of different ways. How do you, where do you think you are in that turnaround? Part way through with good progress to, you know, because you never know what comes, what lies the head around. I don't think you ever stop transforming. And if there's anyone in the room who does, you know, you're constantly thinking, oh, be nice not to be that I've come to Los Continuous improvement. I know it is, it is unrelenting. So you have to find energy from it and you've got, you've got to fall in love with perpetual change and, and how does that energize you? Because otherwise it is exhausting. What, what? And I'm sure your job is exhausting. What do you do to relax? What do you do to? I do travel, which is not great for relaxing. Um, but I, I just, I really find it interesting maybe because I grew up in a little village in northern Scotland, um, which is sort of cold, wet, bleak and the winters are long. But you have this love and, um, you get enraptured with seeing new countries and new cultures and beautiful landscapes and the like. So do you have a, um, I, it, well, my family would say it would be nagging them. You get things done at home. But it is, for me it's traveling. I, I really do love going to new places and, and I enjoy the, you get to do a lot of what you love. It's a privilege. So I want to ask you the question that we're going to ask you to these tables to take on to, to help start the conversation. And it's really to look at the next six months of all the things that are going on, all the things you're hearing, all the things that you're, you're dealing with. What would you cite as the one biggest challenge facing business over the next six months and the one biggest opportunity in business over the next, it might be correlated. Like the easy answer would be say A I on both of them. I think it, but I think that challenge is more in the, is slightly longer run than that. What we're seeing is. Um Well, the world is getting more fragmented and in ways the risks are getting more connected and correlated. Um So as we think of, you know, we would say there's a new Snesg which is security, energy, security, food, security, cyber, financial, et cetera, a lot of these things are getting linked together. So I think the challenge is resiliency. Um And I think it's one that will be a decade long one. Be it resiliency around the climate change, be it around. Um, you know, the fact we all went a bit heavy on cost efficiencies and we now need to think about more redundancies into the business and the like, so that I think is a challenge. A I is a big risk in there and it's scary. Um It's also a huge opportunity as well. Are you seeing uh multiple uses for lots and lots of use cases? Um So we're doing some top down and we've got lots coming bottom up. And I think the challenge for all of us is just getting our arms around. How do we get this into a, in, you know, into a, into an environment that is controlled? Um And one that we're able to innovate safely around Igor was talking about, well, we were having a conversation with Igor and at the table as a, as a lifelong journalist who's always seen my job as being in search of truth. I have a little bit of problem with the fact that this technology makes shit up, right? Because the rest of us don't. Well, all right, any news organization I worked for, if you just made stuff up, you would lose your job. And I would suspect most law firms that, that story on the front page of the New York Times was stunning. You know, if you you filed a law brief that had three citations that were completely made up would not be working at that law firm any longer. So there's a lot of work to do and it's gonna need brains and values and other pieces to put it together. But if we do it'll have some huge benefits is gonna solve that problem for us, right? You promise. Yeah. You know, you look a little skeptical. Yeah. Uh So that's great actually, great. Uh, a great start to the table conversations. Thank you so much, uh uh, for doing give Jane, thank you. Uh uh So here's the way this works. Every table has a captain, raise your hands, captains, you know who you are, your job. This is gonna be a very unruly crowd. Your job is to enforce a single table conversation over the main course, uh, and to focus on, on the question, what is, what does your table think is the, the top risk over the next six months and the top opportunity uh over the next six months, conversations, reminder conversations at the table are under Chatham house rules. So you can, uh be honest, say any outrageous thing you want to say there is no danger, Brian, it'll go out on social media, it's not gonna happen. This, this is uh safe and then we'll, we'll come back and hear from all the table captains uh to report on your dinner. So thank you and thank you. Thank you.

The first woman to run a major U.S. bank, Citi CEO Jane Fraser explains why empathy at work is more than "being nice" and shares her thoughts on the growth of crypto.

Leadership Next: Citi CEO, Jane Fraser

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The first woman to run a major U.S. bank, Citi CEO Jane Fraser, on crypto, empathy and diversity.

I'm waiting for you to live in this thing up. Come on, I could renegotiate the interest rate on my city card that move on. Welcome to Leadership Next. The podcast about the changing rules of business leadership. I'm Alan Murray and I'm Ellen McGirt view empathy as a hard skill. It's not soft. This isn't about being nice, this gives you competitive edge. Um, empathy in our workforce has enabled us to attract an extra and retain an extraordinarily diverse group of people in our organization. We've become an employer of choice. People want to work here because of the positions that we've taken, leadership and what you look for in your people has changed now as a leader, you don't have the answers your workforce has it, your people have it and that's completely changed how you have to lead an organization. You have to unleash the creativity. You've got to make sure it's a collaborative environment. The innovation isn't happening because it's a genius at the top of the company that's coming up with the answers for everything. We looked at the 100,000 of our 220,000 roles that we have at city. Um, we wanted 40% or above to be held by women for the 100,000 most senior roles and we exceeded that target and we've done so for the next three years of targets, you made them public. You need to get comfortable with the uncomfortable transparency works and making those commitments public definitely helps as a forcing device that we all need. So you don't slip a lot of the technologies Blockchain in particular and others have tremendous promise. However, you have to have a framework which provides investor protection, provides protection against financial crimes, as well as consumer protections, around the fees that are charged around bankruptcy and other areas like that. Right now, we have this parallel ecosystem that's developed that does not have that, and that's that as a banker, um, is very worrying, and we need those guardrails because left unfettered bad things happen.

But that may change sooner rather than later.

There are only 44 women and 6 Black CEOs leading Fortune 500 companies

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Only 44 women and 6 Black CEOs leading Fortune 500 companies

There are 44 women ceo at the helm of Fortune 500 companies this year. Up three from last year. These women led companies are from a wide range of industries including but certainly not limited to the banking, financial services, healthcare, insurance, retail. The list goes on. So number four we have CVS health. It's run by Karen Lynch. She is the top ranking of women C. E o. S in the Fortune 500. She's one of the most powerful women in the world and she's helping one of the most powerful companies in the world. And there are five new women Ceos who have taken office this year. Laura Priest corn is the Ceo of Jackson Financial. Ellen cooper is the Ceo of Lincoln National's Joyce mullen is Ceo of insight enterprises, Sarah London head Centene and Sarah nash is the interim Ceo of Bath and body works for this push of diversity in getting new faces of leadership were really still not seeing much by way of diversity improvements among the Fortune 500 though three is better than none, but it's still not even 10% of the list. You could say it's significant because it's not really much significant change. There hasn't been a lot of movement and Ceo in general last year. There were five black Ceos of Fortune 500 companies this year. There are six. That list includes Marvin, Ellison, the Ceo of Loews robert, Ruskin, founder and Ceo of compass frank Clyburn, the Ceo of international flavors and fragrances, David Rawlinson, the Ceo of Kerry retail and two black female Ceo to Shonda Brown Ducat of T. I A and Raspberry were of Walgreens Boots Alliance. We do expect to see a lot of seats open up over the next year. We're seeing a lot of CEOs in the same seats. A lot have been sort of hunker down mode as they've been trying to get their companies through the storm of the economy and what's happening in the world right now, we think that will change. Burnout is hitting even the top ranks of Ceo. So you're going to see more seats open up, which of course presents more opportunities for diverse talent to come in and lead.

Jane Fraser, Chief Executive Officer, Global Consumer Bank; President, Citigroup
Interviewer: Claire Zillman, Fortune

MPW Summit 2020: One On One with the Next CEO of Citi

Jane Fraser, Chief Executive Officer, Global Consumer Bank; President, Citigroup

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As she becomes the first woman to lead a big Wall Street bank.

Hello. I'm Fortune editor Claire Zelman joining you from Hong kong when the news broke last month for the first time a woman would lead a major U. S. Institution just about all of us here today undoubtedly said it's about time jane fraser will become ceo of Citigroup in february, a tremendous step forward for women everywhere, not just in banking or the corporate world. We're thrilled to have Gene with us today at Fortune MbW summit. Hi jane, thank you so much for joining us. Oh thank you very much indeed for having me, lovely to see you again. Claire Great! I want to take you back to that day. I think it was September 10 when your promotion was announced. I have never seen such an outpouring. I mean it was being a line of people not only excited that you had been promoted but that this glass ceiling on Wall Street had finally cracked. Um they were just sort of elation, can you take me back to that day? What what was it like for you? Oh, and just before we go there, I do want to just say a huge thank you to Fortune. Uh Nina patty. Ellen yourself have been such tremendous supporters for all of all of us, um female leaders in the industry and across industries and a very heartfelt thank you to me for me for that. Um Yes, it was, it was it was an amazing day. It was one of celebrating um Mike Corbat, who I think has been a wonderful ceo at city and really lead with such tremendous integrity and brought up bank from a crisis to a very different position. And it was also a day of um frankly I felt very proud um as you can imagine, it was the amount of women who were talking about, you know, young women about their aspirations or fathers who were talking to me about for their daughters, but that sense of yes, they could. Um and uh one of the the anecdote, so like with one of our leaders on the trading floor, she was saying that she had told her young daughter that you know, in Mommy's company was now going to be a mummy boss um and daughter asking can I be a mummy boss one day, and she said, oh yes, you can, and I think that's the piece of this, this is and there is a first for all of us. Um but I think the other piece I really loved about that day was how all the women come out and support of each other and you know, tremendous outreach from from competitors who had a dear friends as well, and many fortune alums and regular attendees that reached out, and it shows how really breaking the myth that women don't support each other because oh my goodness, we certainly do. Yes, definitely. Um I love that Mommy boss. Um so you're going to be taking over in february language. Um you know, I think they just, they will still be a really challenging time. Can you talk about some of your day one priorities when it comes to sending this role? I think Mike's given a real gift, which is, you know, a five month transition, because obviously what you want that transition to be a smooth one. So they say one doesn't feel quite um such a big bang as it were. Uh and the priorities won't be fairly, fairly simple ones. Um well, will be, as you say, in still quite challenging times, we're in the midst of this pandemic, we hope things will be improving them, but we don't know. And so a critical piece is going to be looking forward and saying, you know, what has changed in the world, what is the new normal looking like and going to look like and how to position the bank for that. There's gonna be questions around, what is the future of work, Where will people be working? Uh digitization has been supercharged in um certainly in banking industry, but I know from our clients, it's been supercharged everywhere. What does that mean for the business models in the future? And how do we make sure that uh you know, we're also addressing some of the dislocations that people will be feeling of our own customers and clients. So it will be quite a lot on the plate to be thinking about. But it's certainly going to be looking at, you know, how to position the organization for for that future. Um and uh making sure that we're a bank with a brain as well as a bank with a soul, right? So you're now the exception to the rule when it comes to, you know female, the horizontal ST. I'm wondering if when you look back at your career, I think 14 years that City, if I have that 16 years of the city about it, right? Um and before that, McKinsey and Goldman, Can you identify a one or 2 jumpers that were really critical to getting you where you are now? Uh I was up for partner and it was the same time my husband and I were wanting to start a family and I got quite a lot of advice that you don't get, don't get pregnant in your partnership year. Um and I just thought that was nonsense. Um and I was fortunate to and uh and then I made the decision that my husband was working hard and I said I you know, I want to be a mom and I want to be a professional, so I was lucky, I got my partner just a couple of weeks after my son was born, but I worked part time for the entirety of my partnership at Mckinsey. And um I think that that's one of the pieces of making sure I did have balance a juggling act, but there was a balance between my family priorities and my professional priorities and sometimes one will take priority over another and I'm so happy I did. That wasn't easy. Um My own ego um suffered a bit on that one because you do see people who are more junior than you that are accelerating faster than their careers, but um I think that's what enabled me to have you feel happy and have a balance in my, in my professional life and in my personal life, and it made me much more empathetic. I know when I got back to working again, um and I was in the working full time, my clients used to tell me you're a much more empathetic person, to remind myself person, you were just this machine beforehand. And I think it really taught me that that 80, if you can't do everything um, is a good lesson. The second one was um, when at one point again, when the kids were fully bully in school and um My husband and I were both working, but I was offered the job of running strategy for city at the very beginning of the crisis. And that was really up in my game from the role that I played and I used to not be comfortable unless I was 120% prepared for anything. Um, and it was a real leap of faith in my mind to jump into taking this role and I had to up my game, I was going to have to be traveling more. And one of my friends said to me, why are you worried about failing go for it? Um You know, what, what does it matter if that's the case? And I think that was another moment when taking on a role that I knew was a stretch. Um, and but but I up my game and I learned and I got hooked on stretch rolls thereafter because you do learn so much. Yeah, well I'm interested in in your decision to work part time at Mckinsey. And I think that or I'm wondering what advice you would have someone who wants to make that decision now, because I do think it is an admission of vulnerability and I think there's a lot of fear that asking for that sort of flexibility or or arrangement uh signals that I'm not the type of person that wants to excel or you know, maybe I won't ever come back to full time. I mean, how do you ensure that that doesn't sort of sidetrack you off of your ultimate goals? Well, um it I'm an example that it doesn't need to sidetrack you from the longer term goals um and uh you can you can get balanced in there. I think the best piece of advice I got was why am I in such a hurry? I'm one of my mentors saying to me jane your career, you're going to have several careers in your life and your career is going to be measured in decades. So why the sense of Russia and trying to have everything at the same time and just relax, chill um and, you know, take a step back and then enjoy the process more and and enjoy the different phases of your life, and uh that was that was a real help, because I did feel the pressure to be superwoman, and I'm sure there's many people out there who feel the pressure be superwoman or superman, um and, you know, that's not that's not life, that's not the reality. Um So I think uh party advices, give yourself a break, don't say that the expectations at ridiculous levels. Um and, you know, take a bit of time and enjoy, enjoy the different phases and make the most of them. Um and that phase for me of being part time part time working, um but being able to be with the kids when they were very little was very precious. I'm so glad I did it, and I honestly don't think I'd be here today if I hadn't. So, yeah, you usually, as an example, I've got the courage and I have the coming, I mean, I I liked a lot of confidence coming back in. You know, you're you're tired, you're exhausted and, you know, don't be afraid to ask for help from people and and reach out. And I got a lot of support coming back in from friends at work as well, and friends at home. And, uh, again, you don't have to be superwoman. We can we can be normal. So, um, so something has been, uh, has taken on the issue of gender equality, um, perhaps more so than any other bank disclosing a pay gap under some shareholder pressure, but so voluntarily and mike Corbett, your predecessor, as you mentioned, has publicly advocated for the issue. I'm wondering how if at all city methods on gender equality changes, uh, now that you're in this role and you are the new messengers, how if at all are you planning to change sort of what's coming out of the bank and the advocacy that it's um, that is working on? It's clear, it's a great question. It's one we spend, you know, a lot of time on all the time, because it's not just for me as, um, you know, as a leader to be, but I think Mike left a phenomenal legacy. And there were a couple of pieces, we spent quite a lot of time making sure that we were very clear that there is a bonus, the diversity of all forms. Um, it's not, there is no trade off between diversity of meritocracy. Um, and we had quite a few soul searching discussions within the firm um with some folk that didn't believe that. Um But I think it has certainly shown us that you need diversity. You need diverse opinions, you need diverse points of view on things because this world is moving very quickly and you you need that challenge. And the benefits it brings for me. I think the piece that we've certainly learned in the last year is around the racial inequities. Um and that that changed um as a firm, we put a billion dollars. The commitment just over that to trying to drive some different areas in the state around racial inequities. So the huge wealth gap that's their access to credit housing is an issue education. Um and we just published a report that shows that, you know, the economy would be materially larger and the U. S. Would be materially more successful if we hadn't had um the inequities that have been been there. So I think the dialogue and the actions we take will be strengthened around making sure that women of color in particular as well as all of our black colleagues. Um uh you know, we want to eradicate racism um in our bank and we want to make a difference in enabling progress outside and not just nice words but actual actions and putting the power of the bank behind it. We're not alone. There are other banks that are Bank of America and others that have also been really stepping up to the plate here on this. So I think that that would be the difference We need to have, we've learned you need to have radical transparency and those numbers are ugly and you've got to lean into them um and own them and try and drive them forward in transparency does help drive accountability. We do all have scorecards in the bank on it. Um, and then I think it's also, um, they're making sure that we're getting, uh, we're thinking very openly, how do we recruit differently? How do we need to retain people differently? How do we need to evaluate them? One I was found with interesting when we're looking at our trading floor, we realized that we probably had bias and how the how accounts were being an educated to people and that's a big driver of someone's success, their promotion, their compensation. So it's really getting into the water, the root causes of how to make people successful and make sure there is equity there. Long way to go bottom line. We've got a long, long way to go. I was proud of the problems keep going, but long way to go. Well. It all starts in february, at least this, this next chapter of your of your career city. So we're looking forward to, um, to just seeing how it works and, and congratulations on the, on the promotion and thank you so much for joining us. Thank you so much. I hope I'm one of the first of many.

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