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Citi selects Jane Fraser as new CEO: she will be the first woman to lead the bank

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Jane Fraser will take over from Michael Corbat as CEO of the US bank Citi, as announced by the banking firm. In this way, she will also become the first woman to lead the financial institution after Corbat retires in February 2021 after eight years as chief executive.

Fraser is the current president of the financial group and CEO of the global retail banking division since 2019. The executive has been on the Citi staff for 16 years. During that time she has been the head of the Latin American, United States, Mortgage, Private Banking, Client Strategy and Mergers divisions.

Before joining Citi he was partner at McKinsey firm for 10 years, between 1994 and 2004, focused on financial services and strategy. Previously, she was a stock market advisor and M&A analyst for investment bank Goldman Sachs.

Fraser graduated with a honorific mention in Economics from the University of Cambridge in 1988 and holds a Master of Business Administration (MBA) from Harvard Business School.

"I have worked with Jane for many years and I am proud that she will replace me. With her leadership, experience and values, I know she will be a exceptional CEO", has assured Corbat.

"I will do everything I can to make all involved parties proud of our firm as we build a better bank and improve our returns. We will invest in infrastructure, risk management and controls to ensure that we operate in a safe manner to follow our clients with excellence, "said Fraser.

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