Citi CEO Michael Corbett retired in February, Jane Fraser to become the first female CEO of a megabank

Citigroup CEO Michael Corbett said he is retiring and heading the bank in February after eight years, and that Jane Fraser, the firm’s retail banking chief, will succeed her, making her the first female CEO of a major US bank Will become.

Corbett’s move finalizes a management overhaul that was run by assets at the third largest US bank. Last year, at that time Citigroup president Jamie Foresee announced that he was stepping down after three decades at the bank, which was followed by a pair of long-time chief financial officers and regional heads of the bank.

Here is the statement of the bank:

Citi CEO Michael Corbett announced that after 37 years, including the last eight years as CEO at Citi, he plans to retire from Citi and withdraw from his board in February of 2021. The board elected Jane Fraser, who is currently the president and CEO of Citi. Global Consumer Banking to succeed as CEO in February, and he has been elected to the board, which will begin service immediately. Jane Fraser has been in the city for 16 years and in her current roles from 2019. Jane Fraser is currently the president of Citi and CEO of Global Consumer Banking. His global responsibilities include all consumer businesses in 19 countries, including retail banking and wealth management, credit cards, mortgages and related operations and technology.

Jane Fraser, Chief Executive Officer of Latin American at Citigroup Inc., smiling during the Milken Institute Global Conference on Monday, April 29, 2019 in Beverly Hills, California, USA. The conference brings together leaders in business, government, technology, philanthropy. , Academia, and Media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: via Kelly Grillot / Bloomberg Getty Images

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