Jane Fraser, who has been with the bank for 16 years, is the President of Citi and the CEO of Global Consumer Banking.
Citigroup, the third-largest bank of the US, has named Jane Fraser as its new chief executive officer (CEO). She will become the first woman to lead a major Wall Street bank when she takes charge from the current CEO, Michael Corbat, in February 2021.
Fraser, who has been with the bank for 16 years, is the President of Citi and the CEO of Global Consumer Banking. She oversees the bank's consumer businesses in 19 countries.
She was also the CEO of Citi Latin America from 2015 to 2019.
"We believe Jane is the right person to build on Mike’s record and take Citi to the next level. 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," John Dugan, the Chair of Citi's board, said in a statement.
Fraser, who is from the UK, has an MBA from Harvard Business School and an MA in economics from Cambridge University.
She began her career as an analyst at Goldman Sachs in London. She was a partner at McKinsey & Company before joining Citi in 2004.
Her name was also floated as a potential CEO of Wells Fargo.
Only 37 out of the Fortune 500 companies are run by women. Investment banking and financial services, in particular, are male-dominated industries.
"I'm often asked, 'Can you have it all? Can you do it all?'" Fraser, a mother of two, said at an event in 2016 as quoted by Reuters."And I say, 'Yes, you can, but you can't do it all at once and don't expect everything at once."