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Citigroup picks its first woman CEO

Jane Fraser is the first woman to head a major Wall Street bank

American multinational investment bank, Citigroup has picked Jane Fraser as its next Chief Executive Officer, making her the first woman to become CEO of a major Wall Street bank.

She will succeed Mike Corbat, who is retiring in February 2021 after more than eight years in the top job.

Prior to her appointment, Fraser was overseeing consumer businesses across 19 countries, including retail banking, wealth management, credit cards, and mortgages.

She was the CEO of Citi’s Latin American business from 2015 to 2019.

In a statement, Fraser said she was “honored” by the appointment and “excited to join with my colleagues in writing the next chapter.”

According to Bloomberg News, the new CEO’s next challenge will be to boost the investment bank’s profitability; a target that her predecessors have repeatedly missed.

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