Fraser, currently in charge City (C) The consumer bank will take over in February for Michael Corbett, who plans to retire after 37 years at the bank.
“I’ve worked with Jane for many years and I’m proud of her success,” Corbett said in a statement. “With his leadership, experience and values, I know he will make an outstanding CEO.”
Fraser, the bank’s 16-year-old veteran leader, was named successor in October when Citi placed him in the role of president.
Fraser follows in the footsteps of other high-profile women in finance. Sally served as a senior executive at Kravchek City and Bank of America (BAC) During the 2008 financial crisis. Maria was taken over as the lake’s chief financial officer JP Morgan Chase (JPM) In 2012. And Beth Mooney took over in 2011 Keycorp (Key) In 2011, she became the first female CEO of a top 20 U.S. bank.
In the public sector, Janet Yellen led the Federal Reserve, the world’s most powerful central bank, from 2014 to 2018. And even as the city made its historic announcement, European Central Bank President Christine Lagarde was addressing a press conference.
“I am honored with the board’s decision and thank them for Mike’s leadership and support,” Fraser said in a statement. “The City is an incredible organization with a proud history and a bright future. I look forward to joining my colleagues in writing the next chapter.”
Record high female CEO, but still a small percentage
Prior to taking over City’s Consumer Bank, Fraser Bank led the Latin America division as well as its corporate strategy and M&A group. Fraser also headed Citi’s private bank from 2009 to 2013. Prior to joining City, Fraser worked in the M&A department on the advice of the giant McKinsey. Goldam Sachs (G.S.).
During an August August 2018 interview, CNN’s Poppy Harlow asked Fraser about the possible breaking of the glass roof on Wall Street.
“I’m looking forward to seeing a woman become the first CEO of the Wall Street Pay firm,” Fraser told Harlow. “I never had the ambition to be the CEO of Citi or any other organization. Things can change over time. But at the moment, I still have a lot to learn.”
Fraser will join a large number of Fortune 500 companies ’leading women’s records. In recent months, Chlorox (CLX), Coty (Coty), Gap (GPS) And UPS (UPS) Named the female CEO yet, less than 10% of Fortune 500 CEOs are women and only three are women of color.
Citi’s share price is behind
Corbett ruled the city in 2012, when the bank was hit by a financial crisis. Corbett replaces controversial former CEO Vikram Pandit.
“I’m very proud of what we’ve achieved over the last eight years,” Corbett said in a statement. “We completed our transformation from the economic crisis and emerged as a simple, safe and strong organization.”
Corbett noted that Citi’s net income nearly tripled during its tenure last year and that the bank is able to repay about 80 80 billion in capital through dividends and buybacks.
But Citi, like other banks, has been plagued by high unemployment and an uncertain background of low interest rates. Citi’s profit fell below% pl% in the second quarter as the epidemic increased bank credit costs.
Citi has lost a third of its market value this year, not only behind the S&P 500, but rivals including JPMorgan and rivals. Bank of America (BAC).
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