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Citigroup names Jane Fraser as next CEO, first woman to lead Wall Street bank

Image source: Julian R Photography/AFP/Getty/Citigroup

Jane Fraser, Citigroup’s president, will replace Michael Corbat as chief executive in February as he retires after eight years. Fraser will be the first woman to lead one of Wall Street’s big six banks, a major accomplishment in an industry long dominated by men. 

“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,” Fraser said in a prepared statement.

“I have worked with Jane for many years and am proud to have her succeed me. With her leadership, experience and values, I know she will make an outstanding CEO,” Mr. Corbat concluded.

Ms. Fraser’s ascension is groundbreaking on Wall Street, which has never quite shaken off its longstanding reputation as a boys club, with men dominating the upper ranks of banks and other financial firms, despite efforts to recruit and promote more women.

Read more about this story by Emily Flitter and at The New York Times by clicking here.

To read Citigroup's offical statement, click here.

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