The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Jane Fraser faces two big challenges as Citi’s CEO in waiting

It seems odd that a good soldier like Mike Corbat should hand to one of his colleagues the tough task of leading Citi through the Covid battlefield.


When Jane Fraser takes over as chief executive of Citigroup in February, she will face two big problems: JPMorgan Chase and Bank of America.

Unusual among the big three American banks, Citi’s brand is far stronger outside the US, while it is a less significant force in its home market – the world’s richest for banking and financial services.

Mike Corbat announced on Thursday his plan to retire next year, and had a stab at marking his own homework, pointing out that from 2012 to 2019 Citi’s net income increased from $7 billion to nearly $20 billion, while its return on tangible common equity increased from 5% to over 12%.

However, he acknowledged: “There is always more to do, and I believe the time is right for my successor to lead Citi through this next stage of progress.”

Closing the gap

The toughest thing on that more-to-do list will be closing the gap to the country’s two leading banks, which as well as larger balance sheets boast higher profits and returns.

This gap is most obvious in the stock market. Citigroup calculated a tangible book value per share of $71.15

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree