Citigroup CEO Michael Corbat said he will retire in February after eight years at the helm of the bank and that the company’s head of retail banking Jane Fraser will succeed him, making her the first female CEO of a large US bank.
Corbat’s move finalizes a management review that had been underway at the third largest US bank by assets. Last year, Jamie Forese, then president of Citigroup, announced that he would resign after three decades at the bank, following the resignations of the bank̵
Fraser’s rise to Citigroup answers a question that many have had for years: when will the US banking sector, dominated by men in leadership positions for decades, have its first female CEO of a large bank?
Here is the bank statement:
Citi CEO Michael Corbat announced that after 37 years at Citi, including the last eight as CEO, he intends to retire from Citi and step down from his board in February 2021. The board has selected Jane Fraser, currently President and CEO of Citi Global Consumer Banking, who will succeed him as CEO in February, and was elected to the board, with immediate commencement of the service. Jane Fraser has been with Citi for 16 years and has held her current roles since 2019. Jane Fraser is currently President of Citi and CEO of Global Consumer Banking. His global responsibilities include all consumer businesses in 19 countries, including retail banking and wealth management, credit cards, mortgages and related operations and technology.
Jane Fraser, chief executive officer for Latin American at Citigroup Inc., smiles at the Milken Institute Global Conference in Beverly Hills, California, USA on Monday, April 29, 2019. The conference brings together leaders from business, government, technology and philanthropy, academia and the media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: Kyle Grillot / Bloomberg via Getty Images
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