Jane fraser

Birthday: July 13, 1967

Hometown: St. Andrews, Scotland

Primary residence: New York, New York

Current role: CEO of Citigroup (2021-present)

Net worth: At least $100 million (WealthX)

2023 Total Compensation: $25,458,313

Education: 

• MA in Economics from Cambridge University (1985-1988)

• MBA from Harvard Business School (1992-1994)

Board memberships, affiliations, and roles: 

• Board of Directors of the Business Roundtable and the Council of Foreign Relations

• Vice Chair of the Partnership for New York City

• Vice Chair of the Financial Services Forum

• Member of the Monetary Authority of Singapore’s International Advisory Panel

• Member of Harvard Business School's Board of Dean’s Advisors

• Member of the Stanford Global Advisory Board

• Member of the Economic Club of New York 

• Member of President Biden’s Export Council

Past roles: 

• Partner at McKinsey & Company (1994 - 2004)

• Professional Career at Citi (2004 - Present)

  • Worked in the Corporate and Investment Banking Division (2004 - 2007)

  • Global Head of Strategy and Mergers & Acquisitions (2007 - 2009)

  • Chief Executive Officer of Citi’s Global Private Bank (2009 - 2013)

  • Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage (2013 - 2015)

  • Chief Executive Officer of Citigroup Latin America (2015 - 2019)

  • President of Citigroup and Head of Global Consumer Banking (2019 - 2021)

Fun facts: 

• Jane Fraser is the first woman to be the CEO of a Wall Street Bank

• She has played golf with Tiger Woods

Funding Enbridge’s Crimes Against Communities 

• Citigroup has funded companies that violate the rights of Indigenous people in the U.S. and the Amazon. Rainforest Action Network reported that the Citi loaned $5.15 billion to Enbridge to help fund its Line 3 pipeline running through Mississippi which has subjected local communities to millions of tons of greenhouse gasses, relentless oil spills, and displacement of native people.

Funding a Russian Coal Company’s Climate Crimes

• Citi has maintained a close financial relationship with Russian coal powerhouse, JSC SUEK. SUEK owns 17 gigawatts of coal power plants and primarily operates underground mines and open coal pits in the Russian community of Kemerovo Oblast-Kuzbass, located in Southern Siberia. 

• The environmental and civilian harm done by this financing is deeply rooted, as most of the mining activity takes place on the land of Indigenous people. The damages done to these communities have been described as “irreparable,” and have caused extreme trauma to the livelihoods of citizens as habitats and religious and cultural sites have been destroyed. 

• Mining and other coal operations have led to the depletion of major water and food sources, ultimately resulting in the forced displacement of people from their native lands. When it comes to the extreme health impacts of these populations in South Siberia, we see the grave effects of open-pit mining, as they “release a much higher amount of noxious dust into the air than underground mines.” These toxins have thus led to a significant increase in oncological and respiratory conditions, and the Kemorvo Oblast-Kuzabass and Khakasia regions are second and third-ranked in cancer mortality rate in the whole country. 

Crimes Against Future Generations 

• While the climate crisis has affected millions of people across all demographics, there has been a large emphasis on its immense impact on children. This disheartening reality has made activists out of enraged parents. One parent who protested outside Fraser’s mansion home stated, “While we go about our day-to-day lives, fossil fuel, and Wall Street CEOs like Fraser are knowingly evicting millions of children from their homes from the comfort of their boardrooms and mansions.” Not only are these children being displaced, but also succumbing to starvation and malnourishment. Save the Children reported that in 2022, 27 million children were hungry due to extreme weather conditions induced by climate change. As children continue to live under these conditions, large financiers such as Citigroup continue to send money to harmful corporations.

• In 2023, Jane Fraser had a total compensation of $25,458,313.

  • Salary: $1,500,000

  • Bonus: $5,237,500

  • Stock: $18,701,013

  • Miscellaneous: $19,800

• While there is no record of Jane Fraser’s real estate, she paid $6.1 million for a waterfront home in Coral Gables.

• In 2021, Citi committed to reaching net zero greenhouse gas emissions by 2050, including its internal operations by 2030. 

  • According to Banking on Climate Chaos, this 2021 commitment only excludes financial support for oil and gas projects in the Arctic. 

  • The 2023 Citi Climate Report summarizes the bank’s progress on the above goals. The report outlines the climate risks of different sectors of the bank’s investments. For example, its investments in coal, oil, and gas production are labeled as “high risk.” 

• Citigroup is the world’s second-largest financier of fossil fuel projects, having invested $396.3 billion since the Paris Agreement went into effect in 2016. 

  • Banking on Climate Chaos published the full list of fossil fuel companies that Citigroup has funded since 2016. 

• One of Citi’s biggest clients is ExxonMobil, a large contributor to global greenhouse emissions. Citi has also maintained a significant financing relationship with Saudi Aramco. 

  • ExxonMobil reported 650 million tons of emissions from petroleum products in addition to its 112 million tons of greenhouse gas emissions in 2020. Saudi Aramco reported a total of 79 million tons of greenhouse gas emissions in 2021.

• Along with other leading banks, Citi was the subject of a U.N. complaint prompted by an accusation against the oil company by environmental law firm ClientEarth, stating that the banks have violated global human rights by contributing to the climate crisis.  The UN warned Citigroup that it could have violated international law. 

• JSC SUEK, “Russia’s largest coal producer and coal plant operator,” mandated a bond issuance from Citi, in which Citi proudly announced its role in participating as Joint Lead Managers. 

• Summer of Heat is a campaign of nonviolent civil disobedience targeting Wall Street’s financing for fossil fuels. The campaign is running during the summer of 2024, and Citi is their number one target because it is “the worst funder of fossil fuel expansion since the Paris Agreement went into effect in 2016.”

  • At the end of June 2024, 61 climate activists involved with Summer of Heat were arrested during a protest at Citigroup’s headquarters in New York City. Signs at the protest read “Citi Earns While the World Burns,” and activists chanted “Hey Citi, get off it, the planet over profit.” 

• Many people gathered outside the Citi headquarters in April of last year, waving flyers and posters to demand the enactment of effective climate resolutions. This occurred on the eve of Citi’s annual shareholders meeting – “when crucial decisions about fossil fuel funding are made.” Retired Citi employees attended the protest as well, and they were claiming to leverage the money they poured into Citibank to push for an end to fossil fuel funding. These banks have manipulated the money of stakeholders to fund the climate crisis, and people are now making their anger seen and heard. 

• At a Strategic Decisions Conference in 2023, Jane Fraser was confronted by climate activists about Citi’s financing of fossil fuels. She later responded, “It is imperative to make the bank’s business practices cleaner from a climate perspective.”

• Jane Fraser has attempted to underscore Citigroup’s efforts to transition to a net zero economy by 2050, however, this has not been successful in removing activist pressure. 

• “...We finance our clients’ transitions to low-carbon business models whilst also supporting clients who ensure there’s an ample and affordable energy supply to meet the world’s current and future energy needs. And we push all our clients to have credible plans to transition to cleaner business models, from the easy- to the hard-to-abate sectors.” –Fraser, 2023

• “Through our $1 trillion sustainable finance goal, we’re investing in the health of the communities where we operate. This financing has been directed toward myriad opportunities, including supporting microfinance in Peru, expanding access to healthcare in India and increasing food security in Nigeria.” –Fraser, 2023

• “Here in the U.S., we are putting our balance sheet to work to benefit local communities. 

Last year, we partnered with state and local governments to catalyze nearly $20 billion in infrastructure investment, such as schools, hospitals and roads. We also financed $6.3 billion in affordable housing, making us the number one affordable housing lender in the U.S. for the 13th year in a row.” –Fraser, 2023

• “Addressing the world’s energy and climate needs will be a balancing act. On the one hand, investing in energy security is essential – the global economy still runs primarily on oil and natural gas and many developing nations have neither the resources nor the infrastructure to make a quick shift to renewables. At the same time, investment in clean energy technologies is critical to addressing climate change, and support for companies working to dramatically reduce their carbon footprints must continue wherever they may be on their respective journeys.” –Fraser, 2023

• “We need to invest heavily to scale new sustainable technologies and their supporting infrastructures to be viable alternatives to fossil fuels, and we have to drive down their associated cost curves to ensure their affordability.” –Fraser, 2023