Citigroup announces first woman as CEO of Big US Bank

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Citigroup said on Thursday that its chief executive, Michael Corbat, plans to retire in February paving the way for his top lieutenant, Jane Fraser, who will make history as She will become the first woman to lead a major US bank

Ms. Fraser has also overseen several of the bank’s businesses, serving as chief executive of its private bank, its Latin American region and its U.S. consumer and commercial bank and mortgage business. She worked at Goldman Sachs and McKinsey & Company before joining Citi in 2004.

“We believe Jane is the right person to build on Mike’s record and take Citi to the next level,” John C. Dugan, Citi’s chairman, said in a statement. “She has deep experience across our lines of business and regions, and we are highly confident in her.”

Last October, Fraser was promoted to the role of president and tasked to head its global consumer bank, a move that was widely seen as a precursor to her elevation.  

The CEO position at top U.S. banks rarely opens up, and when they do, they often go to insiders, who historically have been men. Last year, when Wells Fargo was engaging in a public search for a new CEO, observers speculated that the bank could become the first led by a woman – Fraser was apparently considered for that role –  but it went to Charlie Scharf, a former acolyte of JPMorgan Chase CEO Jamie Dimon.

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