REUTERS: Citigroup Inc on Thursday named consumer banking head Jane Fraser to succeed Michael Corbat next year as the bank's chief executive officer, making her the first woman to lead a major Wall Street bank.
"Jane will become our first female CEO, a point of pride for all of us and groundbreaking for our industry," Corbat said in an internal memo that was seen by Reuters. Fraser joins a small group of women who have broken through the glass ceiling to reach the C-suite at major financial firms. Her name was floated last year as a potential CEO candidate at Wells Fargo & Co , before the board settled on former JPMorgan executive Charles Scharf.
Since then, he has shifted Citigroup’s strategy to focus on corporate businesses where it has strengths, like fixed-income trading and cash management, as well as credit cards and digital consumer banking.
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