Michael Corbett, CEO of Citigroup, said he was retiring in February after leading the bank for eight years, and that Jane Fraser, the firm’s retail banking chief, would take care of him, making him the first female CEO of a large US bank.
Corbett’s move eliminates the management overall that is the third largest U.S. by assets. Was running in the bank. Last year, Citigroup president Jamie Fores announced that he was stepping down after three decades at the bank, following the bank’s longtime chief financial officer, Fischer, and a pair of regional heads.
Fraser’s rise to Citigroup answers a question that has been lingering for many years: when will the US banking industry, dominated by men in leadership positions for decades, find its first female CEO of a large bank?
Here is the bank’s statement:
Citi CEO Michael Corbett announced that after 37 years at Citi, after the last eight years as CEO, he plans to retire from Citi and step down from its board in February 2021. The board selected Jane Fraser, currently the city’s president and CEO. Global Consumer Banking will take over as CEO in February, and he was immediately elected to the board. Jane Fraser has been at City for 16 years and has been in her current role since 2019. Jane Fraser is currently President of Citi and CEO of Global Consumer Banking. Its global responsibilities include all consumer businesses in 19 countries, including retail banking and wealth management, credit cards, mortgages and associated rations operations and technology.
Jan Fraser, Chief Executive Officer of Latin American at Citigroup Inc., smiles during the Milken Institute Global Conference in Beverly Hills, USA, on Monday, April 29, 2019. , Academia and the media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: Kyle Grillot / Bloomberg by Getty Images
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