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Jane Fraser to become Citi CEO; 1st woman to lead major bank

Jane Fraser to become Citi CEO; 1st woman to lead major bank
Posted at 3:04 PM, Sep 10, 2020
and last updated 2020-09-10 15:04:32-04

NEW YORK (AP) — Citigroup's Jane Fraser will become the first woman ever to lead a Wall Street bank when she succeeds CEO Michael Corbat in February.

The New York bank announced the succession Thursday.

Fraser is currently head of Citi's global consumer banking division, a major part of the bank that oversees checking and savings accounts but also Citi's massive credit card business.

For 16 years, Fraser has worked in various departments within Citi:

- 2015-19: Chief Executive Officer of Citi’s Latin American region.
- 2013-15: Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage.
- 2009-13: Chief Executive Officer of Citi's Private Bank.
- 2007-09: Global Head of Strategy and Mergers & Acquisitions.

In 2004, she joined the company in its Corporate and Investment Banking division.

She previously worked at McKinsey & Company, Goldman Sachs, and Asesores Bursátiles.

Fraser also serves as a member of the Board of Dean’s Advisors at Harvard Business School and Stanford University’s Global Advisory Council. She's also a member of the Council on Foreign Relations.

She earned her M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University.

Fraser's climb to the CEO role is a major accomplishment in an industry long dominated by men.

Corbat led Citigroup for eight years, rebuilding the company after it nearly collapsed during the Great Recession and 2008 financial crisis.

Corbat had been with the company for 37 years.