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Citigroup Inc. Will Be Headed By A Woman, Jane Fraser, For The First Time

Citigroup Inc. Will Be Headed By A Woman, Jane Fraser, For The First Time

Citigroup Inc. announced the impending retirement of CEO Michael Corbat, who has been associated with this Bank for 37 years and eight of them as the head. As noted in a statement from Citigroup, 60-year-old Michael Corbat will leave his post and step down from the Board of Directors in February 2021.

The new CEO of Citigroup will be a woman for the first time — the Board of Directors voted for Jane Fraser, who worked at the Bank for 16 years and last year was President and CEO of the global retail banking division. Before joining Citigroup, Ms. Fraser, who was educated at Cambridge and Harvard business school, was a partner at McKinsey & Company, and previously worked at Goldman Sachs.

After the announcement of the reshuffle, Citigroup shares rose 0.53% in electronic trading before the market opened. Since the beginning of the year, the Bank's shares have fallen by 36.7%.

Citi CEO Michael Corbat today announced that, after 37 years at Citi, including the last eight years as CEO, he plans to retire from Citi and step down from its Board of Directors in February of 2021. The Board of Directors selected Jane Fraser, currently Citi’s President and CEO of Global Consumer Banking, to succeed him as CEO in February, and she has been elected to the Board of Directors, with service beginning immediately. Jane Fraser has been at Citi for 16 years and has been in her current roles since 2019.

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