October 20, 2020

Good morning, Broadsheet readers! Chelsea Clinton’s venture capital fund ramps up, Denmark’s prime minister responds to a mayor’s sexual harassment scandal, and we learn more about Jane Fraser’s path to Citi’s CEO suite. Have a thoughtful Tuesday.

– How to break a glass ceiling. By now, we know what Jane Fraser accomplished when Citi appointed her incoming CEO last month: she broke Wall Street’s stubborn glass ceiling. But how, exactly, did she achieve what for so long seemed unachievable?

My new feature for Fortune aims to satisfy that question by closely examining Fraser’s career. The answer I arrived at is two-fold.

On one hand, she closely followed a ‘blueprint’ for banking executives, working her way through key business units at Citi, leaving each better than she found it. For instance, her promotion to CEO of Citi’s Latin American division in 2015 was a clean-up job, since it followed two scandals at Citi’s retail arm in Mexico.

On the other hand, Fraser flouted many of the old ‘rules’ of getting to the top, refusing to sacrifice her personal life at the altar of her career and talking openly about moments of self-doubt. Her willingness to address the human side of the job sets her apart not just from her Wall Street peers, but from other women who have achieved “firsts” in their industries, some of whom fear that by being open about such things they’ll be pigeonholed by the label, female CEO. Fraser sees it as an advantage: “I can be more vulnerable in certain areas; talking more about the human dimensions of this than some of my male colleagues are comfortable [with]. I don’t feel that’s in any way soft or weaker; I actually think it’s much more powerful.”

Getting the CEO job was only the first step, of course; actually doing it comes next. And it won’t be an easy task, since Citi is dogged by lagging profitability and longstanding problems with its risk controls.

To take on those challenges, Fraser told me she’s drawing on some of the turn-around experience that got her here. “I think it’s going back and saying, ‘What are some of the root causes and then how do you turn that into an opportunity to really leapfrog and take the bank to a different level?’ ” she says. “And then how do you galvanize the organization to work toward that? I did that with the private bank, did that with mortgages, did that in Mexico. And I’m excited to do it here too.”

You can read the full story here.

Claire Zillman
[email protected]
@clairezillman

Today’s Broadsheet was curated by Emma Hinchliffe.

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ALSO IN THE HEADLINES

- Metrodora + Oula. Three months ago, we learned that Chelsea Clinton was considering launching a venture capital firm. Now that fund has ramped up, with three public investments so far. We have the exclusive on Metrodora Ventures' latest bet: the maternity care startup Oula Health. Fortune

- Mette responds to the mayor. The mayor of Copenhagen, Frank Jensen, resigned after admitting to sexual harassment. Danish Prime Minister Mette Frederiksen called his departure "the right decision" and added, "It is obvious that we in the Social Democratic Party have problems, and that needs to change now." Reuters

- Debate watch. The planned third presidential debate approaches on Thursday—after the thwarted second that turned into dueling town halls—and President Trump has started attacking the debate's moderator, NBC News White House correspondent Kristen Welker. Trump tweeted that Welker is "terrible & unfair" but he'll "still play the game." Welker hasn't responded to his comments. USA Today

MOVERS AND SHAKERS: After leaving her role as VP of originals at Netflix, Channing Dungey will become the new chair of Warner Bros. television studio. The National Geographic Society hired Kara Ramirez Mullins, former VP for advancement at University of Virginia's Darden School of Business, as chief advancement officer.

Content From PwC
What’s keeping companies from doing better?
Sixty-eight percent of leaders believe their business serves the greater good, but only 15% of the wider public agrees. We need to act to help close the gap. We recently surveyed US business leaders, employees and the public to understand what fosters and inhibits trust. These findings shaped actionable steps to help companies fight for social justice and take action, now.

IN CASE YOU MISSED IT

- Retail woes. John Lewis chairwoman Sharon White laid out a plan to revive the U.K. mega-retailer's fortunes. White will focus on digital business, a plan the company unveiled after closing stores and canceling bonuses at the employee-owned partnership. Bloomberg

- The show must go on. Last week's Tony nominations saw some notable Broadway productions earn nods—even though fewer than usual are eligible because of the coronavirus shutdowns of live theater. Jagged Little Pill, the show inspired by the Alanis Morisette album, led with 15 nominations. CNN

- Election results. In Bolivia, Luis Arce, an ally of ousted leader Evo Morales, is on track to win the country's election. He will succeed Jeanine Áñez, the right-win leader who took power after Morales's departure last year. She said, "I congratulate the winners and I ask them to govern with Bolivia and democracy in mind." NPR

ON MY RADAR

Appeals court rules Ghislaine Maxwell's 2016 deposition transcript will be unsealed CNN

O Magazine changed the publishing industry Zora

When women and politics took over baseball Wall Street Journal

PARTING WORDS

"Is it now that we have permission to speak? Well, I have always spoken."

-Supermodel Naomi Campbell on growing societal understanding of racial injustice

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