Jane Fraser: First woman CEO of Citigroup
Washington : Citigroup has named Jane Fraser as its next CEO, which makes her first woman to lead a giant Wall Street bank.
She will be replacing Michael Corbat, who will retire in February.
Fraser, who has served as president and CEO of global consumer banking since 2019, will join the board of directors immediately, the bank said.
"I am honored by the Board's decision and grateful to Mike for his leadership and support," Fraser said in a press release.
"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 our stakeholders proud of our firm as we continue to build a better bank and improve our returns."
Her appointment to the top job had been telegraphed from her prior promotion in October 2019 to president and head of global consumer banking. Senior women at JPMorgan Chase are also in line to potentially take the top job to succeed Jamie Dimon, who is expected to retire in the coming years.
Jane Fraser will be handling the top position when many banks have set aside billions of dollars to combat bad loans due to coronavirus pandemic.