NEW YORK: Citigroup Inc. on Thursday named consumer banking head Jane Fraser to succeed Michael Corbat next year as the bank’s CEO, making her the first woman to lead a major Wall Street bank.
Fraser has long been seen as a rising star on Wall Street and last year was seen as a potential CEO candidate by Wells Fargo & Co’s board, before it settled on former JPMorgan executive Charles Scharf.
A 16-year veteran at Citi, who first joined to run client strategy in the investment bank, Fraser started her career at Goldman Sachs in the mergers & acquisitions department in London and then worked for Asesores Bursátiles in Madrid.
Last October, Fraser was promoted to the role of president and tasked to head its global consumer bank, a move that was widely seen as a precursor to her elevation. Prior to that, she had been running the bank’s Latin America business, including its Citibanamex division in Mexico.