Citigroup’s Jane Fraser Will Be The First Female CEO Of A Top-Tier Investment Bank

Photographer: Kyle Grillot/Bloomberg © 2019 Bloomberg Finance LP Jane Fraser will be the first woman to hold the title of CEO at a major top-tier Wall Street bank. She will become the CEO of Citigroup after the current chief executive Michael Corbat officially retires in February 2021.  Fraser is a […]

Jane Fraser will be the first woman to hold the title of CEO at a major top-tier Wall Street bank. She will become the CEO of Citigroup after the current chief executive Michael Corbat officially retires in February 2021. 

Fraser is a 16-year veteran of the bank and held a succession of important leadership roles for marquee divisions at Citi, including serving as the chief executive for the U.S. consumer and commercial banking, CitiMortgage and the private bank. Last year, she was named president of the company. Fraser will immediately join the board of directors.  

The current CEO of Citigroup, Michael Corbat, announced his intention to retire in February 2021 after running the helm for the last eight years. Corbat has been a 37-year veteran of the bank and was Citi’s CEO for eight years. Corbat said about his recent tenure, “I am extremely proud of what we have accomplished in the past eight years. We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution. Across our businesses, we made investments in products where we saw opportunities for growth, and Citi has regained its place as a leader in banking.”

In a Tweet, Citi officially announced the news.

According to a Citi press release, Corbat said about the transition, “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.” 

John C. Dugan, chair of the board of directors, 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.”

“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,” Fraser said in response to her “shattering the glass ceiling” announcement and becoming the first female CEO of a Wall Street bank.

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