The Federal Reserve Bank of New York announced the appointment of Citigroup CEO Jane Fraser to the Federal Advisory Council of the Federal Reserve Board of Governors. This appointment, effective from January, is for a one-year term. Citigroup is a global financial services company providing a range of banking and investment services to individuals, corporations, and governments. The company operates across various sectors, including consumer banking, corporate and investment banking, and wealth management.
The Federal Advisory Council consists of one representative from the banking sector in each of the 12 Federal Reserve districts. Its primary function is to advise the Board on economic and banking-related issues. Typically, the council convenes four times annually in Washington, D.C., and members often serve up to three consecutive one-year terms.
In other news, Fraser addressed Citigroup’s clients in a note, reaffirming the bank’s confidence in the Middle East’s future despite current regional conflicts. She noted the increasing impact of policy decisions on trade, technology, and capital movements, observing a significant shift in global dynamics.
Fraser highlighted that clients are closely monitoring how governments, particularly the United States, are responding to the resurgence of industrial policy and its implications for businesses worldwide. In 2021, Jane Fraser made history by becoming the first woman to lead a major U.S. bank.
