Citigroup CEO Michael Corbat to step down; Jane Fraser named successor


New York, September 10

Citigroup Inc Chief Executive Officer Michael Corbat will step down in February 2021, after 37 years with the financial institution, and might be succeeded by President Jane Fraser, making her the first-ever girl govt to go a serious Wall Street financial institution.

Fraser has been seen as a rising star on Wall Street, and final yr was seen as a CEO candidate by Wells Fargo & Co’s board. The financial institution ultimately settled on former JPMorgan govt Charles Scharf.

A 16-years veteran at Citi, who first joined to run shopper technique within the funding financial institution, Fraser was promoted to the function of president in October final yr.

She had been operating the financial institution’s Latin America enterprise, together with its Citibanamex division in Mexico, earlier than that.

Fraser has been elected to the board, the financial institution mentioned. Reuters



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