Citi’s New CEO Makes History and Now Must Fix Bank’s Problems

Fraser faces lagging profitability when taking over next year
‘Maybe women can succeed where the men have failed,’ Bair says

Watch: Citigroup Inc. named Jane Fraser as its next chief executive officer. She becomes the first woman to lead a global bank and will succeed Mike Corbat, who is retiring in February.(Source: Bloomberg)

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By Jennifer Surane

September 10, 2020 at 9:29 PM UTC

This article is for subscribers only.

Now that she’s broken Wall Street’s thickest glass ceiling, new Citigroup Inc. Chief Executive Officer Jane Fraser’s next challenge will be to achieve what eluded her predecessors -- but in the wake of a pandemic.

For years, the expansive consumer and investment bank has repeatedly missed its own targets for boosting profitability, leaving it as the worst performer among the five Wall Street giants.