The Federal Reserve Bank of New York announced on Tuesday that Jane Fraser, chief executive officer of Citigroup, has been appointed to the Federal Reserve Board of Governors' Federal Advisory Council for a one-year term that began in January.
The Federal Advisory Council is composed of one banking industry representative from each of the 12 Federal Reserve districts. The council's role is to advise the Board of Governors on matters related to economics and banking. The body generally convenes four times annually in Washington, D.C., and members commonly serve three consecutive one-year terms.
Fraser, who in 2021 became the first woman to lead a major U.S. bank, also communicated to clients on Tuesday about Citigroup's view of regional prospects and policy trends. In a client note, she said the bank's conviction in the future of the Middle East region had not changed despite the current conflict. She added that policy decisions are playing a more direct role in shaping trade, technology and capital flows.
"That said, recent weeks have exacerbated a dynamic that has been developing over time. The old-world order, and the assumptions that went along with it, are falling away, unlikely to return," Fraser said.
"They (clients) are keeping a close eye on how governments around the world, particularly the United States, embrace this resurgence of industrial policy and what it means for them. We are too."
In addition to those comments, accompanying promotional material posed the question "Should you be buying C right now?" and described a product called ProPicks AI. That copy said ProPicks AI evaluates Citigroup's stock - listed under the ticker C - alongside thousands of companies using more than 100 financial metrics. It stated the tool looks beyond popularity to assess fundamentals, momentum, and valuation, and cited notable past winners that included Super Micro Computer (+185%) and AppLovin (+157%).
The appointment to the Federal Advisory Council places Fraser among a group tasked with offering banking-sector input to the Fed's policymaking body while she continues to lead Citigroup and communicate with clients on regional outlooks and the implications of evolving policy choices for markets and trade.