Jane Fraser has been named the first female chief executive at a Wall Street bank.
In a historic move, the Scottish-American banker will take the help at Citigroup – taking over Michael Corbat in February 2021.
“She has deep experience across our lines of business and regions and we are highly confident in her. Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well,” said John Dugan, who is the chair of the bank’s board of directors.
Fraser said: “I am honoured by the board’s decision and grateful to Mike for his leadership and support. 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.”
The move is huge in the male-dominated sector. According to CNN, just 38 of the Fortune 500 companies are women.
Fraser studied economics at Cambridge University and Harvard Business School and has been at Citigroup for 16 years.
Corbat, the current chief executive, is preparing to retire after 37 years at the US lender.