Citigroup appoints Jane Fraser as first woman CEO

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Citigroup names Jane Fraser as first woman CEO
AFP | Jane Fraser will take over the top job in February, replacing Michael Corbat who will retire.

Citigroup appoints Jane Fraser as first woman CEO

Citigroup named Jane Fraser as its next chief executive on Thursday, tapping a woman to lead a giant Wall Street bank for the first time.

She will take over the top job in February, replacing Michael Corbat who will retire. Fraser, who has served as president and CEO of global consumer banking since 2019, will join the board of directors immediately, the bank said. She has held prior roles for Citi in Latin America and in investment banking.

“I am honored by the Board’s decision and grateful to Mike for his leadership and support,” Fraser said in a press release.

“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 our stakeholders proud of our firm as we continue to build a better bank and improve our returns.”

The move comes as Citi pivots to a more challenging operating environment as large banks set aside billions of dollars to prepare for bad loans due to the coronavirus.

Other women have become CEOs of big financial companies or in related industries, such as Abigail Johnson at Fidelity Investments and Julie Sweet at Accenture. But in taking the helm of the fourth-biggest US bank by assets, Fraser joins a group of Wall Street CEOs that until now has been exclusively led by white men.

Her appointment to the top job had been telegraphed from her prior promotion in October 2019 to president and head of global consumer banking. Senior women at JPMorgan Chase are also in line to potentially take the top job to succeed Jamie Dimon, who is expected to retire in the coming years.

Corporate America is also under scrutiny over the paltry number of Black leaders in the wake of massive racial justice protests this year.

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