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Citigroup will have a new CEO come February 2021. The bank announced that Jane Fraser, who had served as the President & CEO of Global Consumer Banking, would step into the role of CEO following the retirement of Michael Corbat early next year.
The bank said it will name a new President & CEO of Global Consumer Banking in the coming weeks.
Fraser has degrees from both Harvard Business School and Cambridge University and started her career at Goldman Sachs in London. She joined Citi 16 years ago after rising to be a partner at managment consulting giant McKinsey & Company.
Once on the job, Fraser says she will invest in the company’s infrastructure, risk management, and controls to ensure that the bank can operate in a safe manner and serve its clients and customers with excellence.
Fraser is set to be the first woman to head a Wall Street bank, a milestone in the historically male-dominated banking industry. In fact, fewer than a quarter (21.9%) of senior leadership roles within financial services firms were held by women in 2019, according to a study by Deloitte.
In a press release, 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.”
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