Wall Street giant Citi announced Thursday that its CEO Michael Corbat will retire after an eight-year tenure as CEO; he’ll be replaced by Jane Fraser, currently Citi’s President and retail banking CEO. Fraser will become the first woman to head up a major Wall Street Bank.
Corbat will step down in February, Citi said; the bank is also planning to name a new retail banking chief in the coming weeks.
Corbat took the helm at Citi in 2012, and was tasked with getting the bank back in shape after it had barely weathered the financial crisis.
Fraser has been with Citi for 16 years and has led the Corporate Strategy and Mergers and Acquisitions groups as well as the Latin American arm during her tenure at the bank.
Fraser’s promotion to President last year fueled speculation that she would be chosen as Corbat’s successor, and helped boost her to #32 on the Forbes list of the World’s 100 Most Powerful Women.
The move follows a handful of high profile departures at the bank, including former president Jamie Forese in 2019.
Citibank In Focus
Heritage: American
Founded: 1812
Worth: $193.24 billion
