Citi names Jane Fraser as new CEO as Corbat announces retirement

Daniel Fowler
September 12, 2020

But in taking the helm of the fourth-biggest United States bank by assets, Fraser joins a group of Wall Street CEOs that until now has been exclusively led by white men. Now, it was anybody's game.

Two years later, Fraser was made head of the bank's Latin American division shortly after a scandal involving fraud led to the resignation of the head of Citi's large Mexican operations.

For the first time, a woman will lead one of America's largest banks.

She will replace Mike Corbat, 60, who is stepping down next February after 37 years at Citi, including eight at the helm.

Citigroup Inc (NYSE:C) has promoted Jane Fraser as group chief executive after Michael Corbat announced his retirement from the board.

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"I'm thrilled that they chose a woman, but I'm more thrilled that they chose a woman who has done a phenomenal job over the last 16 years at Citi in just everything she's ever had the opportunity to manage", Weill, who remains a shareholder, said on "Closing Bell". In a prepared statement, Fraser said, "Citi is an incredible institution with a proud history and a bright future". Another woman, Beth Mooney, took over the top job at Cleveland-based KeyCorp, one of the 20 largest US banks, almost 10 years ago, said Blackwell, the former editor of American Banker, a trade newspaper. "She possesses deep-seated adventure around our line of work as well as areas as well as our company are actually very positive in her", John Dugan, office chair of the panel of supervisors at Citigroup, claimed in a declaration. While progress for female leaders has been slow, 36 of the Fortune 500 companies are now run by women, including automaker General Motors Co., chocolate-maker Hershey Co and Northrop Grumman Corp., according to corporate governance services firm BoardEx. "I am delighted to be joining my colleagues to write the next chapter".

There are few women in the top jobs at financial firms.

Corbat transformed Citi right into a considerably smaller sized and also steady facility, paying attention to its own visa or mastercard companies and also its own worldwide financial franchise business. Now 60, he plans to retire in February of next year, Citi said, at which point Fraser will step in to take his place.

"Jane Fraser's appointment is an historic moment for women", Texas Democratic Representative Al Green said on Twitter. From 2012 to 2019, the banking giant saw net income rise from $7 billion to $20 billion, Corbat said in the press release.

In a Congressional hearing a year ago, the CEOs of the Wall Street banks were asked whether they expected to be succeeded by a woman in their roles, and no man raised his hand at the time.

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