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

Upon assuming the role of CEO at Citigroup five years ago, Jane Fraser encountered an organization grappling with significant dysfunction, including outdated IT systems and a complacent culture that had led to several notable and costly missteps. Some observers viewed her as a symbol of the "glass cliff," a situation where women achieve top roles in environments so challenging that success seems unlikely. However, Fraser defied these expectations, successfully transforming Citigroup from a sprawling financial institution into a more streamlined and high-performing entity. Consequently, she has earned the distinction of being ranked No. 1 on the 2026 Fortune Most Powerful Women list, published today.

Fraser's path has been demanding, and as she shared with her colleague Claire Zillman in a related feature, there remains additional work to address in terms of reducing the workforce and divesting underperforming segments of the portfolio. Nevertheless, with a notable stock price increase of over two-thirds in the past year, it's evident that investors have confidence in her ability to execute these further changes.

The women featured in this year’s list, which marks its 29th edition, collectively oversee 11.8 million employees and generate $7.3 trillion in annual revenue. They occupy 180 board positions and operate across 20 different countries and territories. The evaluation criteria for this ranking included not only the size and vitality of their businesses but also their influence, innovation, career progressions, and contributions to enhancing the business landscape.

This year's rankings underscore the growing presence of women across diverse sectors, from AI to Big Oil. Women serving as CFOs at prominent AI firms, such as Sarah Friar at OpenAI and Amy Hood at Microsoft, are playing pivotal roles in making financial decisions that will shape the future of their organizations, the technology sector, and potentially the broader global economy.

In the context of the energy sector, Meg O'Neill is managing the challenges inherent in her role as the newly appointed CEO of BP. Her predecessor, Chairman Albert Manifold, was removed due to "conduct issues." O'Neill made history in April by becoming the first woman to lead BP, stepping in after Murray Auchincloss resigned under shareholder pressure. Auchincloss had taken the helm in 2024 following the dismissal of Bernard Looney due to serious misconduct. Since the catastrophic Deepwater Horizon incident in 2010, BP has struggled to keep pace with its peers in the Big Oil industry.