Scottish banker becomes first woman to run a Wall Street bank

Jane Fraser is to become the first woman to run a major Wall Street bank after it was announced that she will succeed Michael Corbat as CEO of Citigroup.

Corbat plans to retire from Citi and step down from its Board of Directors in February of 2021. The Board of Directors selected Fraser, currently Citi’s President and CEO of Global Consumer Banking, to succeed him as CEO in February, and she has been elected to the Board of Directors, with service beginning immediately. She has been at Citi for 16 years and has been in her current roles since 2019.

Fraser, who is Scottish, said: “I am honored by the Board’s decision and grateful to Mike for his leadership and support. The way our team has come together during this pandemic shows what Citi is made of. Our balance sheet is strong and our commitment to serving our clients and communities is even stronger. I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank and improve our returns. We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”

John C. Dugan, Chair of the Board of Directors, commented: “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.”

Before her current role, which includes oversight of all Citi’s consumer businesses in 19 countries, Fraser was the Chief Executive Officer of Citi’s Latin American region from 2015 to 2019. From 2013 to 2015, she was the Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage. From 2009 to 2013, Fraser, who has two children, served as the Chief Executive Officer of Citi’s Private Bank. Prior to that, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. She joined Citi in 2004 in the Corporate and Investment Banking division. Before joining Citi, Jane was a Partner at McKinsey & Company. She started her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Bursátiles in Madrid, Spain.

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