Citigroup has named a woman to be its new chief executive in a first for a Wall Street bank.
Briton Jane Fraser, its current president and head of global consumer division, is to become its new boss when current chief Michael Corbat retires in February.
He is stepping down after 37 years at the bank, including eight as leader.
It comes as the male-dominated world of US finance faces pressure to diversify its ranks.
Scotland-born Ms Fraser has worked at Citi for 16 years, serving in her current role since 2019. She oversees business in 19 countries and previously led its Latin America division.
Seen as a rising star, she was recently considered for the role of chief executive at Wells Fargo, another top US bank.
The chair of Citi’s board of directors, John Dugan, said Ms Fraser would take the bank “to the next level”.
“She has deep experience across our lines of business and regions and we are highly confident in her,” he said.
Last year, Royal Bank of Scotland named Alison Rose as its first female chief executive, making her the first woman to run any of the big four banks in the UK.
But at the end of 2019, just 31 women held the top spots at major American companies listed on the S&P 500 index, none of which were banks.
At a congressional hearing last year, the heads of seven of America’s biggest banks, including current Citi boss Mr Corbat, were questioned about the lack of diversity and asked if they believed they would be succeeded by a woman or person of colour. None said yes.
At Citi, Ms Fraser has frequently been charged with turning around troubled parts of the bank, the fourth largest in the US. She worked in its mortgage division following the financial crisis and was put in charge in Latin America after a scandal in its bank in Mexico.
She is poised to take charge as the bank grapples with the economic fallout of the pandemic. In the most recent quarter, Citi’s profits plunged 73% as it set aside more than $7bn to cover potential losses.
Ms Fraser, whose compensation was $12.5m (£9.7m) last year, has said being a good leader means setting a vision, having the courage to make “tough calls”, and asking questions.
‘You cannot have it all’
Born in St Andrews, Scotland, she has degrees from Harvard Business School and Cambridge University. The 53-year-old started her career at Goldman Sachs in London, joining Citi after rising to be a partner at consulting giant McKinsey.
She has said she moved to the US because of the opportunities she saw for women there and spoken about confronting machismoas a female executive in Latin America
A married mum of two, she has also addressed work-life balance, telling broadcaster CNN in 2014: “You cannot have it all at the same time. You can have it all, spread over decades. I think of my life in different chunks. When the kids were little, I needed to be around more, but it’s different now.”
However, in a 2018 interview she denied aspiring to the top spot.
“I look forward to seeing a woman being the first CEO of a Wall Street firm whoever that may be,” she said. “I’ve never had the ambition to be the CEO of Citi or any other organization. Things can change over time. But at the moment, I’ve still got a lot to learn.”
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
