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Citigroup CEO Michael Corbat to step down; Jane Fraser named successor

Citigroup Inc Chief Executive Officer Michael Corbat will step down in February 2021, after 37 years with the bank, and will be succeeded by President Jane Fraser, making her the first-ever woman executive to head a major Wall Street bank.

Fraser has been seen as a rising star on Wall Street, and last year was seen as a CEO candidate by Wells Fargo & Co’s board. The bank eventually settled on former JPMorgan executive Charles Scharf.

A 16-years veteran at Citi, who first joined to run client strategy in the investment bank, Fraser was promoted to the role of president in October last year.

She had been running the bank’s Latin America business, including its Citibanamex division in Mexico, before that.

Fraser has been elected to the board, the bank said.