For the first time in history a major Wall Street bank will have a female chief executive.
Jane Fraser, currently Citi’s president and CEO of global consumer banking, will step into the role following the decision of CEO Michael Corbat to retire. Ms Fraser has been at Citi for 16 years and has been in her current roles since 2019.
“We believe Jane is the right person to build on Mike’s record and take Citi to the next level,” said chairman John C. Dugan.
“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 is a unique combination that will serve our company well.”
Ms Fraser’s current responsibilities include all consumer businesses in 19 countries, including retail banking and wealth management. She previously served as Citi’s CEO for the Latin American region from 2015 to 2019, and was CEO of the US consumer and commercial banking and CitiMortgage from 2013 to 2015.
Ms Fraser started her career at Goldman Sachs in the mergers and acquisitions department in London and worked for Asesores Bursátiles in Madrid, Spain. She joined Citi from McKinsey & Co, where she was a partner.
“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,” Ms Fraser said.
“We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. 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.”
Ms Fraser is also a member of the board of dean’s advisors at Harvard Business School. She has an MBA from Harvard Business School and an MA in economics from Cambridge University.
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