NEW YORK - Citigroup Inc on Thursday named consumer banking head Jane Fraser to succeed Mr Michael Corbat next year as the bank's chief executive officer, making her the first woman to lead a major Wall Street bank.
"Great news for the company and for women everywhere!" tweeted Bank of America Corp operations and technology chief Cathy Bessant."A big and fantastic moment."Indeed, Ms Fraser joins a small group of women who have broken through the glass ceiling to reach the C-suite at major financial firms.
Through the years, she has run client strategy in Citi's investment bank, as well as its private bank, its mortgage business and its operations in Latin America, which accounted for 14 per cent of annual revenue at the end of 2019. 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.
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