Jane Fraser has been named the new president of Citigroup on Thursday by Michael Corbat, CEO of Citigroup, making her the first woman CEO of major bank. Citigroup is the third biggest bank in the world with an asset of $1.9 billion the previous year.
In his letter to the employees Corbat has said that he had a responsibility to the people and the stakeholders to see that the firm is positioned well to succeed not only in the years to come but also into the coming decades. Stephen Bird, then-CEO of the Global Consumer Banking was also considered for the post of CEO prior to this Thursday but Corbat said that he was having plans to leave Citi.
Fraser has been serving Citigroup for 15 long years and served as the head of Latin American Division of Citigroup previously. This role will be filled by Ernesto Torres Canto, who is the CEO of the Mexican subsidiary of the company currently. Corbat said that Jane has helped in shaping the company in numerous ways. Fraser has led the Corporate Strategy and the M&A group of the bank during the recession of 2008. In an interview with CNN in 2018, when Fraser was asked if she wanted to be Citigroup’s CEO she told about the efforts for bringing more women into the bank’s senior leadership. She also said that she is looking forward to see a woman becoming the CEO of any Wall Street firm. She further added that becoming the CEO of the Citigroup or any organization was not her ambition and that she has still got to learn a lot.
Corbat said that he will remain committed to lead the firm over the coming years and is looking forward to work with Jane more closely. They will try to execute their strategy so as to deliver the results that the stakeholders expect from them and what they deserve.