Jane Fraser, Citigroup CEO
It was a milestone Wall Street had never seen before. In 2021, Jane Fraser became the first woman to lead a major U.S. bank, stepping into the role of CEO at Citigroup. But unlike many of her predecessors, Jane did not take a linear path to the top. Her ascent was marked by bold career choices, personal sacrifices, and an unshakable commitment to balance—both in business and in life.
Born in the small coastal town of St. Andrews, Scotland, Jane’s early years offered little indication that she would one day run a global financial institution. She studied economics at the University of Cambridge before securing a role at Goldman Sachs, an enviable first step in the finance world. Yet, Jane's ambitions stretched beyond traditional banking. She moved to the United States, earned an MBA from Harvard Business School, and then took an unconventional turn: rather than racing up the corporate ladder, she stepped off of it—at least temporarily.
Facing Doubt and Choosing an Unconventional Path
In her 20s, Jane made the rare decision to work part-time at McKinsey & Company while raising her two young children. In an industry where success is often measured by grueling hours and relentless ambition, Jane’s choice to prioritize family was a striking departure. Yet, even with reduced hours, she defied expectations, rising to the rank of partner—an almost unheard-of feat.
Despite her accomplishments, Jane has openly spoken about her struggles with self-doubt, particularly as a woman in finance.
Jane and her child
“Being a mother of young children and having a career is the toughest thing I have ever had to do. You are exhausted, guilty, and you must learn how to do things differently. It was the making of me because I became much more 80:20, focusing on what was really important. I got good at saying no, and also became more human to the clients who also face many of these issues too.”
By 2004, Citigroup took notice. Jane was brought on to lead corporate strategy, eventually overseeing Global M&A and later Citi Private Bank. Her timing, however, was far from ideal. She took the helm just as the 2008 financial crisis engulfed the industry, inheriting a private banking division that was losing $250 million a year.
But Jane proved adept at crisis management, swiftly steering the business to profitability within a year. Her pragmatic leadership, combined with a willingness to tackle the toughest roles, made her an indispensable figure at Citi.
A Family Decision That Paid Off
Her rise was not hers alone. At home, Jane and her husband made an equally strategic decision—he became a stay-at-home parent, allowing her the space to navigate an increasingly demanding career.
"We sat down, it was probably Christmas time of '08, and we said one of us has to stop for the family," Jane shared. "And he said, 'Ok I want to go, I'll be the one I'll go and do something different... There was no way we could carry on."
The bet paid off. Over the next decade, Jane continued her ascent, leading Citi’s Latin America division and, later, its entire consumer banking operation.
Jane Fraser, Citigroup’s First Female CEO
It was also there that Jane began to come out of her corporate identity, inspired by the Spanish women and their flare for style. It was then that Jane decided she would not be forced back into gray suits and blue blazers — her style, both as a CEO and as a woman, would not be defined by Wall Street. She reflected on the Latina executives who inspired her:
“They were themselves. They were powerful, and they were feminine.”
Then came the history-making moment. In 2021, Jane was named CEO of Citigroup, breaking one of the last remaining barriers on Wall Street. Yet, despite her trailblazing achievement, she remains an understated figure in finance. She eschews the limelight, preferring to focus on execution over ego.
Her leadership philosophy is refreshingly direct: "You can have it all, just not all at the same time."
For a woman who once made the improbable choice to go part-time in the middle of a high-stakes consulting career, Jane's journey is proof that the most unconventional paths can still lead to the top.
Five Leadership Lessons from Jane Fraser
Redefine Success on Your Own Terms
Many professionals feel pressure to conform to a singular definition of success—often tied to relentless ambition and personal sacrifice. Jane challenges that notion. By stepping back at key moments and focusing on family, she proved that leadership is about playing the long game. Careers aren’t built in a straight line, and success looks different for everyone.Turn Crisis into Opportunity
Every leader faces setbacks, but Jane has repeatedly shown that difficult moments are often the best opportunities to make an impact. When she took over Citi Private Bank in 2008, the division was bleeding money, and the entire financial industry was in turmoil. Instead of shying away, she made tough, decisive moves and restored profitability within a year.Take the Hard Jobs Others Avoid
Jane never sought out the safest or most comfortable roles. Instead, she built her career by stepping into high-risk, high-pressure positions where others hesitated. Whether leading Citi’s Latin America division or restructuring struggling businesses, she leaned into the most challenging assignments. The best career moves aren’t always the most glamorous—they’re the ones where you can prove your ability to lead under pressure.Overcome Imposter Syndrome by Owning Your Strengths
Even leaders at the highest levels experience self-doubt. Jane has openly acknowledged moments where she questioned whether she belonged at the table. Her strategy? Focusing on her contributions rather than comparing herself to others.Whether it’s a new job, a leadership position, or a high-stakes project, confidence isn’t about never feeling doubt—it’s about moving forward despite it.
Stay Focused on Execution, Not Ego
Despite making history, Jane has remained relatively low-profile compared to many of her Wall Street counterparts. She doesn’t seek headlines—she focuses on results. Too often, leaders become distracted by the pursuit of personal brand-building or external validation. Jane’s career is a reminder that true leadership isn’t about being the loudest voice in the room—it’s about delivering results that speak for themselves.
Jenny’s Takeaway
Jane’s story isn’t just about breaking barriers — it’s about rewriting the rules of leadership. She has shown that success isn’t about fitting into a predefined mold; it’s about making strategic, sometimes unconventional, choices that align with your long-term vision.
For anyone navigating career growth, Jane’s journey is a reminder that stepping off the fast track doesn’t mean stepping away from success. Leadership is built in moments of crisis, in the tough decisions others avoid, and in the willingness to define success on your own terms.
The real question is: What bold move are you willing to make?