Citigroup named Jane Fraser as the bank’s new president on Thursday, teeing her up as a potential successor to CEO Michael Corbat
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If Fraser succeeds Corbat as chief executive when he vacates the position, she would become the first woman to run a Wall Street bank.
During congressional testimony in April, not one of the CEOs of the nation’s seven largest banks — JPMorgan Chase’s Jamie Dimon, Morgan Stanley’s James Gorman, Bank of America’s Brian Moynihan, State Street Corp.’s Ronald O'Hanley, Bank of New York Mellon’s Charles Scharf and Goldman Sachs’ David Solomon — raised a hand when asked whose bank might have a woman as its next CEO.
Corbat said he tapped Fraser, who previously served as CEO of Latin America at Citigroup, to become the second-in-command after considering Citi’s future “into the next decade and beyond.”
“In many ways, Jane helped shape the company we are today,” Corbat said in a statement.
Prior to Thursday, then-CEO of Global Consumer Banking Stephen Bird was considered a front-runner to lead the company; however, Corbat said Bird informed him that he’s leaving to pursue an opportunity beyond Citi.
Citi is the nation’s third-largest bank.