Jane Fraser is set to succeed Citi CEO Michael Corbat as he reveals his plans to retire in February 2021.
Corbat will also step down from the board of directors next year after 37 years at the bank.
Working at Citi for the last 16 years, Fraser has worked in her current role as president and CEO of global consumer banking since 2019.
Fraser has also been elected to serve on the board of directors with immediate effect.
Commenting on his retirement, Corbat said: “I am extremely proud of what we have accomplished in the past eight years. We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution.”
“Across our businesses, we made investments in products where we saw opportunities for growth, and Citi has regained its place as a leader in banking. We doubled down on our global network, making it indispensable for our clients and gained significant share across our markets and banking franchises.”
He continued: “In consumer banking, we rationalised our footprint and embraced the push to digital, making it a centrepiece of our branch-lite footprint and we now deliver best-in-class products and experiences to our customers.”
Fraser commented: “I am honoured by the board’s decision and grateful to Michael Corbat for his leadership and support. The way our team has come together during this pandemic shows what Citi is made of.”
“Our balance sheet is strong and our commitment to serving our clients and communities is even stronger. I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank and improve our returns. 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. Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter”, she added.
Corbat concluded: “I have worked with Jane Fraser for many years and am proud to have her succeed me. With her leadership, experience and values, I know she will make an outstanding CEO.”
Citi is set to name the new CEO of global consumer banking in the coming weeks.
John C. Dugan, chair of the board of directors, commented: “The Board deeply appreciates Mike Corbat’s many contributions to Citi, and he will leave the firm in a much stronger position than he found it.”
Dugan noted: “He led with integrity and has been dedicated not only to the performance of the firm, but also to the well-being and growth of our people. He has helped make Citi a place where they are proud to work.”
