Scotland-born Jane Fraser, a 16 year veteran at Citi and current president and head of global consumer division on Thursday was named as its next CEO. Fraser is set to become the first woman to lead a major US bank. This comes on the heels of efforts towards diversity in ranks in U.S. finance.
Citigroup, is the third-largest U.S. bank by assets.
Fraser has been serving in her current role since 2019. She oversees business in 19 countries and previously led its Latin America division, CNN reports.
She takes over as new chief executive in the Wall Street bank when current chief Michael Corbat retires in February.
He is retiring after 37 years at the bank, including eight as leader.
“We believe Jane is the right person to build on Mike’s record and take Citi to the next level. She has deep experience across our lines of business and regions and we are highly confident in her,” John Dugan, chair of the board of directors at Citigroup, said in a statement.
“I have worked with Jane for many years and am proud to have her succeed me,” Corbat said in a statement. “With her leadership, experience and values, I know she will make an outstanding CEO.”
While outgoing chief Corbat is credited for having helped stabilize Citi following the Great Recession, the 53 year old takes over the reigns of the nation’s largest banks at a time of vast economic uncertainty following the pandemic.
“This is a groundbreaking for Wall Street, banking and finance,” Mike Mayo, banking analyst at Wells Fargo, told CNN Business. “Citigroup is leading by example by adding diversity to the top of the firm when our country is crying out for this more than ever before. History has been made today.”
Scottish-American banking executive Jane Fraser was educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. In 2019, she was named president of Citigroup, and also CEO of Consumer Banking.
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