Citigroup made history Thursday by naming Jane Fraser as its next CEO. She will become the first woman to lead a major US bank.
Fraser, currently in charge of Citi’s (C) consumer bank, is set to take over in February for Michael Corbat, who plans to retire after 37 years at the bank.
During his eight years in charge, Corbat helped stabilize Citi following the
During his eight years in charge, Corbat helped stabilize Citi following the Great Recession.
Jane Fraser will become Citigroup’s next CEO in February”I have worked with Jane for many years and am proud to have her succeed me,” Corbat said in a statement.
NEW: Citigroup CEO Michael Corbat said he plans to retire next February. Jane Fraser, currently Citi’s President and CEO of Global consumer banking, will succeed him as CEO https://t.co/7evQJWCMW7— Bloomberg (@business) September 10, 2020
“With her leadership, experience and values, I know she will make an outstanding CEO.”
Fraser, a 16-year veteran of the bank, was made the heir apparent in October when Citi elevated her to the role of president.
Fraser follows in the footsteps of other high-ranking women in finance.
Sallie Krawcheck served as a senior executive at Citi and Bank of America (BAC) during the 2008 financial crisis. Marianne Lake was hired as the chief financial officer of JPMorgan Chase in 2012.
In the public sector, Janet Yellen led the Federal Reserve, the most powerful central bank in the world, from 2014 to 2018. And the European Central Bank is currently led by Christine Lagarde, who previously led the IMF.
“I am honored by the Board’s decision and grateful to Mike for his leadership and support,” Fraser said in the statement.
“Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.
“Before taking over Citi’s consumer bank, Fraser led the bank’s Latin America division as well as its corporate strategy and M&A group.
During a 2018 interview, CNN’s Poppy Harlow asked Fraser about potentially breaking the glass ceiling on Wall Street.
“I look forward to seeing a woman being the first CEO of a Wall Street firm, whoever that may be,” Fraser told Harlow.
“I’ve never had the ambition to be the CEO of Citi or any other organization. Things can change over time. But at the moment, I’ve still got a lot to learn.”
Corbat took the reins at Citi in 2012, at a time when the bank was still in turmoil from the financial crisis. Corbat replaced controversial former CEO Vikram Pandit.
“I am extremely proud of what we have accomplished in the past eight years,” Corbat said in a statement.
“We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution.”
Corbat noted that Citi’s net income nearly tripled during his tenure to almost $20 billion last year and the bank was able to return nearly $80 billion in capital through dividends and buybacks.
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