Jane Fraser Will Become First Female CEO of a US Megabank

With Citi CEO Michael Corbat retiring next year, Jane Fraser will be taking his position and thus will become the first woman CEO of a US megabank.

Citigroup shares have climbed 42% during Corbat’s tenure starting in October 2012. Corbat said he is retiring in February after eight years leading the bank, and that retail banking chief Jane Fraser will succeed him.

“I have worked with Jane for many years and 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.”

The bank said it will name a new global consumer banking head in coming weeks.

Fraser has been at Citi for 16 years and was considered a candidate for the top spot at Wells Fargo last year. She was promoted to Citi’s number two spot.

The bank’s full statement reads as follows:

Citi CEO Michael Corbat announced that, after 37 years at Citi, including the last eight years as CEO, he plans to retire from Citi and step down from its board in February of 2021. The board selected Jane Fraser, currently Citi’s President and CEO of Global Consumer Banking, to succeed him as CEO in February, and she has been elected to the board, with service beginning immediately. Jane Fraser has been at Citi for 16 years and has been in her current roles since 2019. Jane Fraser is currently the President of Citi and the CEO of Global Consumer Banking. Her global responsibilities include all Consumer businesses in 19 countries, including Retail Banking and Wealth Management, Credit Cards, Mortgages and the associated Operations and Technology.

“Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well,” board chairman John C. Dugan said in a statement.

“Women’s leadership is having a long-awaited moment,” said C. Nicole Mason, president and CEO of the Institute for Women’s Policy Research. Mason believes Fraser’s promotion could be a catalyst for more gender equity in the industry.

“Her appointment will prove meaningful to the financial sector and have a rippling effect, perhaps paving the way for other women to lead in similar ways,” she said, since women are still under-represented in the upper echelons of financial services.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.