Citigroup picks Jane Fraser as next CEO, first woman in that role

Citigroup announced that Jane Fraser would be successful Michael Corbat as the bank’s subsequent chief government, building Fraser the very first lady to at any time lead a Wall Street bank.

Fraser is currently head of Citi’s worldwide customer banking division, a important section of the bank that consists of examining and financial savings accounts but also Citi’s massive credit history card business.

She’s been with Citi for 16 several years.

Fraser will be the very first lady to lead one particular of Wall Street’s large six banks. JPMorgan Chase’s Jamie Dimon has experienced ladies as his next-in-command for several years, but exhibits no indications of stepping down from the CEO function.

Corbat led Citigroup for eight several years, rebuilding the company right after it just about collapsed all through the Good Recession and 2008 financial disaster.

The federal authorities experienced to move in to obtain a stake in Citi to keep it afloat, and the New York bank experienced some of the most toxic belongings of all the important banks all through this time.

Corbat turned Citi into a much smaller sized and stable entity, concentrating on its credit history card companies and its worldwide banking franchise.