Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Jane Fraser, who was named CEO of Citigroup on Thursday. REUTERS/Erin Scott

The first female big-bank CEO in U.S. history is a Scot who has triumphed in the world's most competitive arenas — Goldman Sachs, Harvard Business School, McKinsey, and now Citigroup, where she will become CEO in February.

The job that Jane Fraser says challenged her the most is among the most common in the world: Mom.

In her own words: "Being a mother of young children and having a career is the toughest thing I have ever had to do," she told an internal McKinsey interviewer after she left the consulting firm. 

  • Fraser talked of being "exhausted" and "guilty" despite being "blessed with a great partner in my husband who shares the responsibilities fully" — even though she officially worked only part-time while raising small children.
  • Fraser's husband, Alberto Piedra, quit his job as head of global banking at European bank Dresdner Kleinwort in order to support her career.

Driving the news: Fraser, currently CEO of global consumer banking at Citi, will succeed Michael Corbat as CEO of Citigroup in February.

  • She will be the first female CEO of a U.S. megabank.
  • Given that being on the "mommy track" used to disqualify women from such high office, her ascent and accomplishments are particularly noteworthy.

Between the lines: Fraser's mentor, Lowell Bryan, explained to the Financial Times what "part time" meant at McKinsey: When staying with Fraser and her husband, he would find her working on her computer in the kitchen at 3 a.m.

  • Working part-time at McKinsey was "tough," Fraser told CNN. ""You're seeing people who you've managed and you’ve brought into the firm then progressing faster than you."

The big picture: Fraser epitomizes a work-life balance problem that's present at the top levels of any industry — and one that has only been exacerbated by the coronavirus pandemic.

  • Working mothers routinely juggle responsibilities and are — either directly or indirectly — punished for it at work.

The bottom line: "You cannot have it all," said Fraser in 2012. "Many things have had to give, personally and professionally."

Go deeper: Citi's Jane Fraser to become first female CEO of major bank

Editor's note: This story has been updated with new information.

Go deeper

Updated Nov 29, 2020 - World

Bushfire threatens Sydney homes as record heat wave hits Australia

A helicopter water-bombing a bushfire at Northmead in Sydney, Australia, on Sunday morning local time. Photo: Jenny Evans/Getty Images

Scores of bushfires are threatening parts of Australia during a record heat wave — including an out-of-control blaze that prompted evacuations in Sydney Sunday and another fire ravaging the popular Queensland tourist destination of Fraser Island.

Why it matters: New South Wales' fire chief Shane Fitzsimmons told Channel 9 Sunday it's the "worst day" for fires since last season's deadly "Black Summer" bushfires, when temperature records were broken across Australia — including in Sydney, which reported its hottest November night this weekend.

Updated 1 hour ago - World

Mapping repression in China's Xinjiang region

Data: © Mapbox, © OpenStreetMap; Map: Will Chase/Axios

A sweeping new report released today by an Australian research organization reveals new details about how the Chinese Communist Party — and specifically who within the party — is carrying out its campaign of repression in Xinjiang.

Why it matters: Uncovering the actual offices and individuals implementing the Chinese government's genocide and forced labor policies in Xinjiang can bring accountability and help international companies delink supply chains in compliance with U.S. and EU forced labor laws.

Report: U.S. Latinos near 50% homeownership rate

Real estate broker Alex Betances sits in front of a home in Reading, Pa. Photo: Ryan McFadden/MediaNews Group/Reading Eagle via Getty Image

Latinos increased their homeownership rate to nearly 50% in 2020, according to a report from a group monitoring U.S. Hispanic wealth creation.

Why it matters: The Hispanic Wealth Project found that the homeownership rate grew despite the lack of diversified financial assets among Latinos and around 15% who still live below the federal poverty line ($26,500 for a family of four).