The world of finance and banking has long been a male dominated industry, especially for Wall Street. This is not only a fact for real life, but for cinema too. Watching “Wolf of Wall Street” makes clear that the field of finance is largely dominated by men. However, things are beginning to shift. More women are pursuing degrees in business and climbing the corporate ladder. Most recently, a woman will serve as the CEO for Citi, a Wall Street bank.
The woman in question is none other than President of Citi Bank, Jane Fraser. Fraser has been with Citi for sixteen years and was considered to be appointed to a top spot at Wells Fargo last year. Fraser will be replacing current CEO Michael Corbat who has served in the position since 2012 and has been with the company for 37 years.
Corbat released a statement reflecting on Citi Bank’s decision. “I know she will make an outstanding CEO”, Corbat claimed. The board of directors also praised Fraser and her experience. One chairman, John C. Dugan stated that “Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well.”
Beyond being a good fit for Citi, Fraser’s appointment is also an excellent step for women in the finance industry. According to a consulting firm study by McKinsey, “women made up nearly half of entry-level positions in financial services, but only one in five C-suite positions.” A report by Oliver Wyman corroborated the claims about the lack of women in finance, specifically reporting that women only account for 6% of CEOs at major finance firms as of 2019. They moreover found that women only hold about one in our corporate board seats in finance.
The selection of Jane Fraser to the CEO position is noteworthy and stands as a great advancement for women in finance in general. This is moreover significant as it reflects a significant cultural shift in the way women in the workplace are perceived. Just fifty years ago or so women were expected to remain housewives, and fifty years before that they were unable to vote. While it is true that women still have a long way to go before total equality is achieved, it is certain that progress has been made. Jane Fraser will hopefully be the first of many more female CEO’s to come in the finance industry.