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Head Baxter This hour we're bringing you interviews from David Rubenstein's peer to peer conversation show on Bloomberg television. Let's continue with the conversation, David had with Citibank CEO, Jane Fraser. In this segment, David began by asking how she became the head of the nation's fourth largest bank. All right, you graduate from Harvard Business school, and then you decide to go to Mackenzie? Yes, I did. And why did you want to be a consultant? Oh, well, first of all, was why didn't why didn't I go back into banking at that time? And I've been in banking in the 80s where there weren't many women in banking unlike the business school. They wore suits and very big shoulder pads. And they were more scary than the men. You remember that you remember the era. And so when I looked at the consulting, I particularly McKinsey, I like partnerships, I think partnerships are a great place to grow up, the apprenticeship model is wonderful. Global institution and firm and also it was quite strategic in what they were looking at. It was similar issues to M and a go and but I thought I would have a chance of having a family and a bit more predictability in the work schedule. So you did it for ten years, roughly. Ten years. And you had two children during that time. So you go to McKinsey, work your way up, you become a partner there. And being a partner McKenzie is a great job. Why did you decide to leave to go to city? Yeah. I became a mom at the same time as I became a partner. And I worked part time all the way through my partnership, yes. And McKinsey was fantastic about that because I was able to spend time with the kids before they went into school. But then when they got when they were then at school, that I felt like, okay, I can go back. Full-time working again. And I honestly, I felt like it was time that I could prove that I could do it rather than just advice. All right, so we went to city at the time, did you think a woman could become or would ever become the head of city? I honestly never thought about it. At that point, it's a firm that there were quite a few women around in. I'd been in an environment with always very supportive around it and fantastic, Mel mentors and others, and it was just never something I thought about. This was 20 years ago. I was a sin enjoying the day job. So you had a series of jobs, everyone you were the CEO of this division, or that division, and so forth and one time they asked you to move to Latin America to be the CEO of Latin America. Did you think that was a dead end? You're going to move to Latin America, get out of the way of the Succession or do you think that was a way to get promoted? It was a big turnaround role. And it's one of those ones you see if I did a good job, then that was going to put me in good position for bigger, bigger opportunities ahead. And if I did a bad job, then so be it. You weren't afraid they would forget you. You're down in Brazil or something. And you weren't afraid they would forget you and everything like that. No. Okay. So you did a good job. You come back and you're the head of the global consumer bank. What does that global consumer bank at city? So that that's retail banking, that's a credit card, which I believe you are a proud owner of a city credit card, David. I do have my hair I don't have enough frequent flyer miles on it though. I'm trying to you told me I'm not qualified for my frequent fire miles, but yeah, you've got the wrong card. You said, is this the best credit card you can get? So David, you have the one with our wonderful partner of Eric and airlines. And but yours is black. How come my skull? How come I don't have which is better? You've got to ask for it, David. Okay. So your predecessor was Michael Corbett. He retired about two years ago. You succeeded him. What was the biggest challenge you had in becoming the CEO right away? It was COVID, so this was becoming CEO during COVID is not the easiest because once used to going around going to different sites, seeing our people seeing our clients in person and while zoom did an amazing job, it is not the same. And so I know you have to learn how to lead in a different way. Today, Citi is a bank that is announced. It's changing its strategy. And you now want to be a consumer and institutional business bank in the United States. Is that right? And you're getting out of the consumer business outside of the United States. So what we've said we are, rather than what we're not, is a pretty extraordinary bank and it's history. And it's presence globally. It's uniquely operate, opens the door as a bank in a hundred different countries. So the city is to be the preeminent banking partner for companies and for investors and for individuals across border needs. And that's the vision of the bank. That's the way we will serve that client base. As they're absolutely critical partner. Hey, Steve, sold a number of your international consumer businesses and you've been announced. You're trying to sell your business in Mexico. The consumer business. And so we're business. Yes. Who are you going to sell that to? Oh. We've been fortunate to have a lot of interest there. We looked at we looked at a consumer banking, and we could see that originally the view had been that you would get a lot of global scaling consumer banking. And we were very strong in a number of different geographies, but the reality is you don't get as much scale globally. It's much more about local scale and those businesses. So we decided, let's focus, we want the bank to be simple. We want to be truly excellent at what we do. And that's better if you're a more focused bank around for your business lines. So

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