Sandy Weill on Citigroup’s decision to make Jane Fraser its next CEO

Former Citigroup CEO Sandy Weill told CNBC on Thursday that he was excited about the bank’s future after tapping Jane Fraser to become its next top executive, calling him a “natural leader” who could bring growth in the future is.

“, I’m thrilled that they chose a woman, but I’m more thrilled that they chose a woman who has done unprecedented work in the city over the last 16 years. One shareholder remains,” Closing Bell. ”

Citigroup, the property’s third-largest bank, first announced on Thursday that Michael Corbett intends to retire at the firm after 37 years in February, with the final eight spent as chief executive. Fraser, who is currently chairman and head of its global consumer banking unit, is set to become the first woman to head a major US bank.

Fraser, 53, joined Citi in 2004 and served in various roles, including overseeing its Latin American campaigns. With Banks facing pressure as a result of the coronovirus epidemic, Weil said he felt Fraser’s background positioned him well to move forward.

“Jane, after coming to the city, led our strategy for almost three years, and she also spent time [McKinsey & Company] So I think she knows a lot about strategy, but she also knows a lot about how to run businesses and she has empathy for people, “Weil said. I think in Citi There is an incredible opportunity in the future. ”

Weil, who left Citigroup as CEO in 2003 and retired as chairman in 2006, was a notable figure in the company’s history. He helped to turn it into a Traveling Financial Institute by advancing banking regulations in the late 1990s, when he brought his Travelers Group and the then Citicorp together.

Vail criticized Corbett for how the bank’s stock performed during his tenure, noting that he “inherited a real mess from his predecessor.” Citi shares are up slightly over 40% since Corbett took over in October 2012, while JPMorgan Chase, for example, is around 140% over that period. Bank of America shares have risen more than 150% in that time.

Citi’s share is down 36% this year alone, as the financial sector bears the brunt of the economic consequences of the epidemic. Weil said that if anything, that year-over-year performance gives Fraser “a great opportunity to perform really incredibly well.”

“So I’m happy with Hale being a City shareholder with Jane, and I’m happy with Mike. I think Citi is in a very good position,” he said.


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