Citigroup Inc (NYSE:C) has promoted Jane Fraser as group chief executive after Michael Corbat announced his retirement from the board.
The move makes the New York City-based firm as the first US big bank to appoint a female boss.
Corbat, who has been 37 years at the US colossus including the last eight as chief executive, will leave in February to be replaced by Fraser, who is currently president and CEO of Global Consumer Banking.
Scotland-born Fraser has been at Citi for 16 years and was previously a Partner at McKinsey & Company, having started her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Bursatiles in Madrid, Spain.
She is a member of the Board of Dean’s Advisors at Harvard Business School, serves on Stanford University’s Global Advisory Council and is a member of the Council on Foreign Relations.
“We believe Jane is the right person to build on Mike’s record and take Citi to the next level,” said chair John Dugan.
“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.”