The British-born banker dubbed ‘Queen of Wall Street’ has been honoured with a damehood in the King’s birthday honours list.

Jane Fraser, chief executive of New York-based lender Citigroup, receives the honour for services to the financial sector.

Citigroup, worth around £175billion, is one of the biggest banks on the planet making Fraser the world’s most powerful female banker.

The 58-year-old has led the lender since 2021. Last year, she saw her pay climb to £31million, elevating her into the ranks of the best paid bosses on Wall Street.

She has been overseeing a major restructuring to try to revive its fortunes, with 20,000 jobs being axed globally. In a robust message to staff as she set out the shake-up, she told them to ‘get on board or get off the train’.

Born in St Andrews, Fraser studied economics at Cambridge University before kicking off her career at Goldman Sachs.

After a stint at Harvard Business School, she worked her way up the ranks at consulting giant McKinsey and joined Citi in 2004. 

Married with two sons, she has previously spoken about the struggles of balancing her high-flying job with motherhood.

‘Being a mother of young children and having a career is the toughest thing I have ever had to do,’ she wrote in a report in 2015.