- Citigroup announced on Thursday that its CEO Michael Corbat will be retiring come February 2021 — and his successor will be Jane Fraser. She has been elected to Citi's board, effective immediately.
- The move makes Fraser the first woman to helm a major US bank ever, shattering a glass ceiling on Wall Street.
- Fraser, who is Scottish-American, has held various leadership positions at Citi since 2004. Before that, she worked at both McKinsey & Company and Goldman Sachs.
- Here is a look at her life and career.
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Jane Fraser has been at Citi since 2004. She was named as the incoming CEO of the bank on Thursday, following Michael Corbat's retirement in February 2021.
Source: CitiShe then worked at McKinsey & Co. from 1994 to 2004, where she eventually became a partner, which is a coveted high-level role. She left to become the head of client strategy at Citi, and has been at the bank since.
Source: CitiFraser told CNN Business in 2018 that when she was first appointed to the head of Latin America role, there was "some pretty negative press" about a "female foreigner with responsibility" in Mexico. She tackled the problem by buying "an elegant dress" and getting a haircut, which made her feel more confident and comfortable in her own skin, she said.
Source: American BankerShe was promoted to president of the bank last fall, marking her as the potential successor to Michael Corbat, who had a 37-year run with Citi and has been the CEO for the past eight years. In her previous role, she oversaw retail banking, wealth management, credit card, and mortgage departments across dozens of countries.
Source: Business InsiderIn a Thursday statement announcing his retirement and Fraser's appointment, Corbat, 60, wrote: "I have worked with Jane for many years and am proud to have her succeed me. With her leadership, experience, and values, I know she will make an outstanding CEO."
Source: CitiFraser is the first woman to lead a major US bank. "I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank," Fraser wrote in the same press release. "Citi is an incredible institution with a proud history and a bright future."
Source: CitiFraser and her husband share two sons, according to her company bio. "Being a mother of young children and having a career is the toughest thing I have ever had to do," Axios reported Fraser had said after leaving McKinsey.
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