Citigroup names Jane Fraser as CEO, becoming the first woman to lead a major US bank

FILE PHOTO - Michael Corbat, CEO of Citigroup, speaks during the Bloomberg Global Business Forum in New York City, New York, U.S., September 25, 2019. REUTERS/Shannon Stapleton
Michael Corbat, CEO of Citigroup, speaks during the Bloomberg Global Business Forum in New York City, New York
  • Citigroup said Thursday that its CEO Michael Corbat is retiring effective February 2021. 
  • He will be replaced buy Jane Fraser, currently the bank's president and CEO of its consumer banking division
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Citigroup said Thursday that its CEO of eight years, Michael Corbat, will retire effective February 2021. 

The 37-year veteran of the US' fourth-largest bank by assets will be replaced by Jane Fraser, currently the firm's president and CEO of its consumer banking division, Citi said. 

"I am extremely proud of what we have accomplished in the past eight years," Corbat said in a press release. "We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution. Across our businesses, we made investments in products where we saw opportunities for growth, and Citi has regained its place as a leader in banking."

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