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Fortune

Diane Brady

Inside Citi CEO Jane Fraser’s 5-year grind to restore the bank's credibility

Jane Fraser Fortune British Petroleum Emma Hinchliffe Meg ONeill

(Credit: Mackenzie Stroh for Fortune)

In today’s CEO Daily: Fortune publishes its 2026 Most Powerful Women list.
The big leadership story: CEOs are starting to rethink their predictions of an AI jobs apocalypse.
The markets: Mixed globally after the S&P 500 hits another high.
Plus: All the news and watercooler chat from Fortune .

Good morning. When Jane Fraser became CEO of Citigroup five years ago, she took over an institution struggling with dysfunction, from cumbersome IT systems to a complacent culture that had produced embarrassing and costly mistakes. Some held her up as an example of the “glass cliff,” where women break through the glass ceiling to get top roles under circumstances that make it almost impossible to succeed. But Fraser did succeed, turning a sprawling bank behemoth into a more streamlined and high-performing company. As a result, Fraser is No. 1 on the 2026 Fortune Most Powerful Women list that was published this morning.

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