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Citi Promotes Jane Fraser, Sets Stage for First Female Bank CEO

  • Fraser named president, head of the bank’s consumer division
  • Corbat says he’s committed to leading Citi in coming years
Jane Fraser attends the Milken Institute Global Conference in California on April 29, 2019. 

Jane Fraser attends the Milken Institute Global Conference in California on April 29, 2019. 

Photographer: Kyle Grillot/Bloomberg
Updated on

Jane Fraser ascended to the No. 2 job at Citigroup Inc., putting her in position to succeed Chief Executive Officer Michael Corbat and become the first woman to lead a major U.S. bank.

The behemoth lender on Thursday named Fraser as president and handed her responsibility for consumer banking, one of its thorniest turnaround efforts in recent years. Corbat moved to keep Fraser at the bank in a year when her name was mentioned among potential candidates to run Wells Fargo & Co. or HSBC Holdings Plc.