Citigroup has become the first major Wall Street bank to be run by a woman, as it announced president Jane Fraser will take over as chief executive.
Citi today revealed that chief executive Michael Corbat will step down next February, after 37 years with the bank, and will be replaced by Fraser.
“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”, Corbat said.
Born and raised in Scotland, Fraser began her career at McKinsey before joining Citi as head of client strategy in 2004. She was promoted to the role of president in October last year and was chief executive of global consumer banking.
“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” she said.
“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. Citi is an incredible institution with a proud history and a bright future.”
Citi has proved fairly resilient amid the pandemic, beating analysts’ estimates for profit in the second quarter as its trading desks cashed in on the market volatility.
The New York-based bank reported a profit of $1.32bn for the three months to the end of June, down from $4.8bn a year earlier.
Citi today said it will name a new chief executive of global consumer banking in the coming weeks.