Citigroup appoints first woman to lead a major Wall Street bank

Citigroup announced Thursday that CEO Michael Corbat will retire this coming February and be replaced by Jane Fraser, who will be the first woman to helm a major Wall Street bank. 

Fraser, who has served as the bank’s president and chief executive of global consumer banking, has been at Citi for 16 years. Corbat has been with the company for 37 years, including the last eight as CEO.

“I am honored by the Board’s decision and grateful to Mike for his leadership and support. The way our team has come together during this pandemic shows what Citi is made of. Our balance sheet is strong and our commitment to serving our clients and communities is even stronger. I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank and improve our returns,” said Fraser. 

Citi’s leaders praised Fraser for her years of service with the bank, saying they believed she was the right person to help lead the company.

“I have worked with Jane for many years and am proud to have her succeed me. With her leadership, experience and values, I know she will make an outstanding CEO,” Corbat said.

“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. Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well,” added John Dugan, chair of the board of directors.

Citi said it intends to name Fraser’s successor in the coming weeks.

Fraser’s promotion helps break one of the most stubborn barriers in the financial sector. At an April hearing in front of the House Financial Services Committee, neither Corbat nor six other financial sector CEOs said they believed they would be replaced by a woman or person of color once they left their posts.