Citigroup picked Jane Fraser as its next chief executive officer, succeeding Mike Corbat, who is retiring in February after more than eight years in the top job.
Fraser, who was named the company’s president last year, will join the board immediately, the New York-based bank said in a statement Thursday. Her rise will mark the first female CEO of a major Wall Street bank.
“We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution,” Corbat said in the statement. “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.”
Fraser joined Citigroup in 2004 and has since risen to become the head of the bank’s sprawling consumer operations after stops as head of the bank’s Latin American business and its private bank.
