Citigroup named retail banking head Jane Fraser as
its next chief executive, making her the first woman ever to head a major U.S.
bank.
Fraser will replace Michael Corbat, who unexpectedly announced his retirement after eight years on the job. He will leave the bank in February
The Scottish-born Fraser, 53, joined Citigroup 16 years ago and is the president and CEO of the Global Consumer Banking division. She also headed the bank's Latin American division following a loans scandal involving its Mexican subsidiary, Banamex.
Jane Fraser is a member of the Board of Dean’s Advisors at Harvard Business School, serves on Stanford University’s Global Advisory Council and is a member of the Council on Foreign Relations. Jane has an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University.
She is married with two children
"We believe Jane is the right person to build
on Mike's record and take Citi to the next level," Citi's Chairman John
Dugan said.
In a statement, Jane Fraser said: “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. 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.”
By becoming CEO of Citigroup, one of the country's
biggest banks by assets, Fraser is breaking one of the most durable glass
ceilings around.
