JANE FRASER TO BECOME CITI CEO IN FEBRUARY 2021

Citigroup’s Jane Fraser will become the first woman to ever lead a Wall Street bank when she succeeds CEO Michael Corbat in February, the New York bank announced the succession on Thursday (Friday, September 11, 2020 in Manila).

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. She’s been with Citi for 16 years and had recently been tasked with leading the clean-up of the bank’s troubled Latin American banking business, Ken Sweet reported for the Associated Press (AP).

Fraser will be the first woman to lead one of Wall Street’s big six banks, a major accomplishment in an industry long dominated by men. JPMorgan Chase CEO Jamie Dimon has had two women as his second-in-command for years — Marianne Lake and Jennifer Piepszak — but shows no signs of stepping down.

In a congressional hearing last year, the CEOs of the Wall Street banks were asked whether they expected to be succeeded by a woman in their roles, and no man raised his hand at the time. Fraser will be one of only 32 female CEOs running a company in the S&P 500, according to Equilar. When Fraser does take over for Corbat in February, it’s almost certain the US and global economies will still be dealing with the impact of the coronavirus pandemic.

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