Citigroup has named Jane Fraser as its next CEO, making her the first woman to lead a large Wall Street bank.
Fraser, 53, will take the reins from current Chief Executive Michael Corbat, 60, in February 2021, when he plans to retire after leading the bank for the past eight years.
The incoming CEO has been elected to the bank’s board, after 16 years at the bank. Fraser currently is president and CEO of its Global Consumer Banking unit.
“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,” Corbat said in a statement.
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The move comes more than a year after Congress asked Corbat and other CEOs of major U.S. banks if they expected to be succeeded by female candidates in the future. While none of them said yes, JPMorgan named Marianne Lake and Jennifer Piepszak as possible successors to CEO Jamie Dimon a week after the hearings.
“The glass ceiling in banking maybe is finally cracking,” said CNBC’s Jim Cramer on “Squawk on the Street” Thursday morning. “This is revolutionary, and we can’t deny it.”
Career at Citi
Before Fraser was tapped to lead the bank’s Global Consumer Banking business, which includes Retail Banking and Wealth Management, she led Citi’s operations in Latin America (2015-2019) and its U.S. Consumer and Commercial Banking and CitiMortgage (2013-2015).