FORTUNE -- In what has long been a minefield for senior women -- the big banks -- three female executives burnished their power this week.
In a senior management shuffle at Citigroup (C), CEO Mike Corbat told employees yesterday that Jane Fraser is the new CEO of U.S. Consumer & Commercial Banking. This is a huge job that encompasses retail/small business/commercial banking and wealth management, plus Citi's mortgage business globally.
Fraser is certainly one of Citi's executives to watch. A native of Edinburgh, Scotland, she arrived at Citi 10 years ago with a successful decade at McKinsey on her resume, a Harvard MBA, and a degree in economics from Cambridge. She headed strategy and M&A for Citi and then the Private Bank, which she grew. Viewed as a straight-talking, strategic problem-solver, Fraser, at 46, has plenty of runway to advance further.
Also moving up: Barbara DeSoer, who goes from COO to CEO of Citibank N.A. This job puts her in charge of corporate governance and franchise management for Citibank branches and subsidiaries in 101 countries. DeSoer, 61, was on Fortune's Most Powerful Women list when she was at Bank of America (BAC) and considered to be a possible contender for CEO someday. But in 2012, she left BofA after taking on that bank's toughest assignment -- heading the mortgage business post-acquisition of subprime lender Countrywide Financial -- and facing criticisms of foreclosure practices. DeSoer took a year off and joined Citi last fall.
Fraser and Desoer are the only women on Citi's 24-person operating committee.
Meanwhile, U.S. Consumer and Commercial Banking president Cece Stewart, a high-profile recruit by former Citi CEO Vikram Pandit, is leaving. Her rise from bank clerk to head of retail and small business banking at Wachovia (WFC) earned her a spot on Fortune's MPW list in 2007. But after she moved to Morgan Stanley (MS) in 2009 and then Citi in 2011, her career seemed to stall. Stewart, 55, is expected to focus on her true passion, her horses in North Carolina, as well as board work.
And as Citi's rival, J.P. Morgan Chase (JPM), revealed at its investor day this week that it's making broad cuts while expanding in asset management, it's worth noting that the CEO of that unit, in charge of $1.6 trillion in assets, is Mary Callahan Erdoes, No. 31 on our global MPW list. Erdoes' star is shining bright these days.
Tough, tenacious and famously strong-willed, Terri Dial picked up the nickname "the human cyclone" during her four-decade career in banking.
She lived up to her reputation until she died yesterday afternoon, from pancreatic cancer, at age 62.
Rising from teller to CEO of Wells Fargo Bank, a subsidiary of Wells Fargo & Co. (WFC), Dial went on to head UK retail banking at Lloyds TSB. In 2008, Citigroup (C) CEO Vikram Pandit MOREPatricia Sellers - Feb 29, 2012 12:52 PM ET
Linda Robinson is leaving the PR firm Robinson Lerer Montgomery to join BlackRock.
Linda Robinson sounded like Oprah in her stunning announcement that she's leaving her namesake PR firm, Robinson Lerer Montgomery, to join BlackRock. "The last 25 years have been an amazing journey and I'm excited for the next chapter in my life," she wrote in a Monday afternoon email that bounced around Manhattan and across corporate America's upper echelons.
Robinson's MOREPatricia Sellers - May 18, 2011 12:22 PM ET
By Patricia Sellers
When I started my career at Fortune in 1984, corporate America was a land of white men. As I say in my talks about women and power, bosses back then were white men without facial hair.
We've come a long way—just look at Fortune's Most Powerful Women list.
But a new report on Fortune 500 board composition, released by the Alliance for Board Diversity this morning, should make diversity champions weep.
The MOREPatricia Sellers - May 2, 2011 7:37 AM ET
Two surprising additions to the top 10 of the new Fortune 500, out today: Bank of America (BAC) at No. 5 and JPMorgan Chase (JPM) at No. 9.
That's evidence that the financial crisis has made the big banks bigger--and amidst consolidation, the survivors mightier. Goldman Sachs (GS), No. 39 measured by revenues, ranks sixth on the 500 in terms of profitability. Last year, Goldman earned a stunning $13.4 billion on MOREPatricia Sellers - Apr 15, 2010 12:35 PM ET
by Patricia Sellers
So, retail sales are up. Unemployment is down. And the Dow is near 11,000.
That doesn't mean that all is right with the world.
So says Meredith Whitney.
The analyst who brought down the bank stocks in 2007--by shining the light on their capital shortfalls--came by Fortune's offices Wednesday afternoon to explain why she's still a bear. I asked her: Will unemployment, now at 9.7%, likely go back up? "I think MOREPatricia Sellers - Apr 8, 2010 2:46 PM ET
by Patricia Sellers
Terri Dial, Citigroup's (C) CEO of consumer banking for North America, is out.
It's hardly a surprise at a company where the drama (to mimic Citi ads) never sleeps.
But beyond the everlasting turmoil at Citi--which is still under the thumb of the government, with a stock selling below $4--there is the fact that Dial never found her power base at the bank. Recruited by CEO Vikram Pandit from Lloyds MOREPatricia Sellers - Jan 11, 2010 9:50 AM ET
Are the populists taking over the world?
One rabble-rouser, Arianna Huffington, has concocted a remarkable stunt, which she calls the Move Your Money Project, to rally consumers to transfer their deposits from big banks to small community banks across the U.S. Alas, there's no run yet on Citigroup (C), JPMorgan Chase (JPM), Bank of America (BAC), or Wells Fargo (WFC). But the Move your Money campaign--which the blog queen dreamed up MOREPatricia Sellers - Jan 8, 2010 12:47 PM ET
by Patricia Sellers
Ted Dimon Sr. started a new job yesterday.
Not just any job. Formerly a broker at Merrill Lynch, Dimon joined the brokerage unit of JPMorgan Chase (JPM). His son happens to be CEO of the parent company.
Word is, Jamie Dimon steered clear of the deal to hire his 78-year-old dad, who arrived with five other Merrill brokers in tow. According to people close to father and son, Ted MOREPatricia Sellers - Nov 10, 2009 12:10 PM ET
I know lots of executives in the banking industry, but I had never heard of Cindy Armine. Until, that is, a couple of months ago when I had lunch with Armine, who is the chief compliance officer at Citigroup (C). Several things blew me away: her humble beginnings (she didn't go to college), her amazing trajectory (from clerk to top cop), her candor about her flaws as a manager--and MOREPatricia Sellers - Oct 21, 2009 2:17 PM ET
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