Citi named Jane Fraser as the bank’s new CEO, making history as the first female to lead a top U.S. bank. Fraser, a former McKinsey consultant, is stepping into her new role on Wall Street where female CEOs are still a scarcity. What does this reveal about consulting as a breeding ground for top talent? Let’s dig in.
Fraser’s Promotion is a Case Study in How Consulting Prepares People for Business Leadership
Fraser spent 17 years at Citi, holding top positions as chief executive of Citigroup’s Latin American region and its U.S. consumer and commercial banking division. She was also the president of Citi and CEO of its global consumer banking division. But her decade of experience as a consultant at McKinsey gives her a durable foundation to head up the bank in the top strategic role. On top of industry expertise, Fraser’s time at McKinsey gives her broad, industry-agnostic perspective on ways to drive revenue growth and operational efficiencies.
Fraser’s promotion is a case study in how consulting prepares people for leadership – whether in business, politics, non-profits, or elsewhere. It’s not the first time – nor will it be the last – we’ll see former consultants step into positions of influence all across the globe.
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Management Consulting Provides Numerous Hidden Benefits and Opportunities
Management consulting is focused on assessing the major problems facing a company and identifying and implementing strategic solutions. A career in management consulting helps sharpen communication skills, opens you up to business challenges, and teaches you how to break down a problem into component pieces and attack them one-by-one. These are highly transferable skills that can be transitioned to a business leadership role later down the line. These are only a few of the reasons why consulting is such a desirable career for many.
Conclusion
In her new position as CEO, Jane Fraser will be responsible for boosting Citi’s stock and taking the bank to the next level. With her consulting background and many years of experience, Fraser is well-suited for the new role.
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