43JANE
FRASER
PRESIDENT AND CEO,
GLOBAL CONSUMER BANKING,
CITIGROUP INC.
NEW YORK ○ In September,
Fraser was named Citigroup’s
next CEO, and when she
assumes the role in early 2021,
she’ll be the first woman in the
top job at a major U.S. bank.
A 16-year veteran of Citigroup, Fraser has
done stints as global head of strategy and
head of Latin American operations. Last
year she took over the consumer unit, the
world’s largest credit card issuer. One thing
she’s been focused on in 2020 is increas-
ing deposits from U.S. customers, with an
emphasis on getting people to sign up forchecking accounts on their mobile phones;
in the third quarter, average North American
deposits climbed 19% from a year ago, to
more than $182 billion. Fraser has also been
in charge of Citigroup’s domestic response
to the coronavirus pandemic.
One of her most immediate tasks as
CEO will be fixing the bank’s data and risk
management systems, which it’s failed to
update for some time. Regulators includ-
ing the Federal Reserve and the U.S.
Department of the Treasury’s Office of the
Comptroller of the Currency are requiring
the improvements. Fraser has started by
analyzing what part of Citigroup’s techno-
logical infrastructure needs the most atten-
tion. The process is expected to take years.
—Jenny Surane○ He was in the majority 97% of the
time in the term ended in July, his
highest percentage in 15 years.
For the first time, Roberts stood firmly at the court’s
ideological center, casting the pivotal vote in almost
every divisive case. He sided with the conservative
wing to bolster religious rights in cases involving tax-
payer subsidies for private schools and contraceptive
insurance coverage. But the appointee of President
George W. Bush joined the liberals to deliver narrow
victories for abortion rights and the Deferred Action for
Childhood Arrivals program. He did the same in a big
win for LGBTQ workers fighting to sue for job discrimi-
nation. And when right-leaning critics of the Consumer
Financial Protection Bureau sought to topple the reg-
ulator by arguing that its director had an unconstitu-
tional level of independence, Roberts wrote an opinion
allowing a president to fire the director while leaving
the agency intact.
Things are about to change. Associate Justice Amy
Coney Barrett’s arrival shifts the court further to the right
and decreases the chance that Roberts’s vote will decide
rulings. Whether his influence endures depends less on
his vote than on his ability to persuade what could be the
most conservative court in generations. —Greg StohrEILISH: JEAN-BAPTISTE LACROIX /AFP/GETTY IMAGES. FRASER: RODRIGO CAPOTE/BLOOMBERG. ROBERTS: CHIP SOMODEVILLA/GETTY IMAGESJOHN ROBERTS
U.S. CHIEF JUSTICE,
SUPREME COURT