Citigroup Names Woman CEO, A First For A Big US Bank

Citigroup

Fraser is now 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. "Throughout his time at Citigroup, Corbat helped to scale back the bank's operations, cut costs, close branches, and work through a series of divestitures", Compton said. Fraser has been at Citi for 16 years and has been in her current roles since 2019.

Fraser said: "We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence". The analysis noted that most of the banks with female CEOs tend to be much smaller, or with less than $1 billion in assets.

She let Corbat know that she was getting interest from executive recruiters to run a major bank, and if Corbat wanted her to stay, she needed to be promoted, according to people with knowledge of the situation. Before now, US bank CEOs have mostly been men, and just a small handful of women head Fortune 500 companies.

The New York bank announced the succession Thursday. 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. Bank of America's chief operating officer, Cathy Bessant, who was widely seen as a top candidate to take over as chief executive of Wells Fargo when the bank was searching for a new leader a year ago, praised the announcement in a post on Twitter on Thursday. "Great news for the company and for women everywhere", she wrote.


"We believe Jane is the right person to build on Mike's record and take Citi to the next level", Citi's Chairman John Dugan said. She worked at Goldman Sachs and McKinsey & Company before joining Citi in 2004.

Her name was also floated as a potential CEO of Wells Fargo.

Corbat's eight-year helm as chief executive and cumulative 37 years with the company spanned the nation's recovery from the 2008 financial crisis and coronavirus recession.

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