Citigroup names Jane Fraser as first woman CEO
AFP / Sep 10, 2020, 23:30 ISTFACEBOOKTWITTERLINKEDINEMAILAA+
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Jane Fraser (File photo: AFP)NEW YORK: Citigroup named Jane Fraser as its next chief executive on Thursday, tapping a woman to lead a giant Wall Street bank for the first time.
She will take over the top job in February, replacing Michael Corbat who will retire.
Fraser, who has served as president and CEO of global consumer banking since 2019, will join the board of directors immediately, the bank said. She has held prior roles for Citi in Latin America and in investment banking.
“I am honored by the Board’s decision and grateful to Mike for his leadership and support,” Fraser said in a release.
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The move comes as Citi pivots to a more challenging operating environment as large banks set aside billions of dollars to prepare for bad loans due to the coronavirus.
Other women have become CE