Citigroup’s Jane Fraser will be first woman to head a major U.S. bank
Corbat’s eight-year helm as chief executive and cumulative 37 years with the company spanned the nation’s recovery from the 2008 financial crisis and coronavirus recession. Under his leadership, Citi said, the bank’s net income nearly tripled, from $7 billion to nearly $20 billion, with a 7 percent jump in return on tangible common equity.
“Citi’s performance through COVID-19 has shown our strength and resilience, and I am confident Citi will continue to be a valuable partner to our clients and customers,” Corbat said in the release. “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.”
In her current role, Fraser oversees all consumer businesses in 19 countries, including retail banking and wealth management, mortgages, credit cards and related operations and technology, the company said.
“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 the release. “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. I am excited to join with my colleagues in writing the next chapter.”
Her career at Citi spans 16 years. Fraser first joined Citi’s corporate and investment banking division in 2004. In 2007, she was promoted as the global head of strategy for Citi’s mergers and acquisitions. Between 2009 and 2013, she was the chief executive of Citi’s private bank. She took over as chief executive of the U.S. Consumer and Commercial Banking and CitiMortgage, then, in 2015, chief executive of the company’s Latin American region. She’s held her current job since 2019.
