CEO, Latin America, Citigroup
Since taking the helm of Citigroup's Latin American business in June 2015, Jane Fraser has been working to make it a simpler, stronger and more transparent institution in the region.
As part of that effort, Fraser decided to discontinue retail consumer banking in Argentina, Brazil and Colombia. This was a wrenching decision in light of Citi's history; it opened the first overseas branch of any U.S. bank in Buenos Aires in 1914. But the exit is meant to help the firm focus on institutional client businesses and on the Mexican consumer market.
Fraser has been leading the region for Citi during a turbulent period. Citi's Banco Nacional de México, also known as Banamex, has faced questions about its anti-money-laundering practices. Last year Citi agreed to pay $140 million to settle claims of deficiencies in the AML and Bank Secrecy Act procedures of Banamex USA, an affiliate of the Mexico operation that was eventually wound down.
Fraser oversaw the integration of Mexico, which had operated separately at Citi for 14 years, into the rest of the Latin American division. In February, Fraser completed the sale of Citi's consumer and commercial banking operations in Costa Rica and Panama, part of a series of worldwide divestitures that had been in the works since October 2014.
Aside from streamlining the organization, Fraser says she's focused on building a culture of openness and ethical behavior, one where employees feel comfortable raising concerns.
