Citi chief Michael Corbat will retire and step down from the bank’s board in February after eight years as CEO, Citi announced Thursday — and the first woman ever to lead a major Wall Street bank is stepping up to take his place.
Jane Fraser, Citi’s president, will succeed Corbat as CEO, the firm said. Fraser is a 16-year veteran of Citi who currently serves as chief executive of the firm’s global consuming banking business.
“I have worked with Jane for many years and I am proud to have her succeed me,” Corbat said in a statement. “With her leadership, experience, and values, I know she will make an outstanding CEO.”
Corbat has served as Citi’s chief executive since October 2012. During his tenure, from 2012 to 2019, the bank’s net income increased from $7 billion to nearly $20 billion, according to Thursday’s announcement.
“I am extremely proud of what we have accomplished in the past eight years,” Corbat said. “Of course, there is always more to do and I believe the time is right for my successor to lead Citi through this next stage of progress.”
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Fraser currently oversees consumer businesses across 19 countries, including retail banking, wealth management, credit cards, and mortgages. Before taking over the global consumer banking business, Fraser was chief executive of Citi’s Latin American business from 2015 to 2019.
“We believe Jane is the right person to build on Mike’s record and take Citi to the next level,” board chair John Dugan said in a statement. “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.”
Fraser’s career in finance started at Goldman Sachs, where she worked in the mergers and acquisitions department in London. She went on to earn her MBA at Harvard Business School and join consulting firm McKinsey, where she ultimately became a partner.
She left McKinsey for Citi in 2004, starting as head of client strategy in the investment and corporate banking division. She became head of mergers and acquisitions in 2007 and later held roles including chief executive of the U.S. consumer and commercial banking group and CEO of Citi’s private bank.
“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,” Fraser said in a statement. “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.”