In September 2020, Citigroup announced that it had selected Jane Fraser to succeed Michael Corbat as the megabank’s CEO.1 Ms. Fraser, the first woman to lead a major U.S. bank, is a Harvard Business School graduate and former McKinsey & Company partner who has held leadership roles in Citi’s client strategy, strategy and M&A, private…
Tag: Banking
Getting to a Financial Stress Test Equilibrium
On May 24, 2018, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (“EGRRCPA”).1 This law loosened several regulatory requirements instituted by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) after the 2008 Financial Crisis.2 The EGRRCPA removed, inter alia, a Dodd-Frank requirement that prudential bank regulators and bank holding…
Volcker Compliance: Spirit vs. Substance
Wall Street is innovative, well known for continuously developing new ways to make money through the financial markets. In the early 2000s, Wall Street innovations allowed more Americans to become homeowners than ever before. Those same innovations allowed the negative effects of the bursting housing bubble to permeate the entire financial system. In the present,…