Citigroup Breaking Barriers with Female Leadership

The current CEO of Citigroup, Michael Corbat, has announced his retirement for February 2021 after 37 years at the helm. Breaking new ground in the banking world, the chosen successor is set to be Jane Fraser, making her the first female CEO of a major American bank.

In a statement, Corbat expressed his confidence in his successor, saying, “I have worked with Jane for many years and am proud to have her succeed me. With her leadership, experience, and values, I know she will make an outstanding CEO.”

Citi’s chairman, John C. Dugan, also expressed optimism, stating, “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.”

Fraser is currently in charge of Citi’s consumer banking division and has been part of the company for over 16 years. She will be stepping into her new role at a challenging time marked by the impact of the COVID-19 pandemic and resulting economic downturn, which significantly affected Citi’s profits and stock values, leading to a 73% profit drop.

In response to her appointment, Fraser expressed her gratitude and excitement, stating, “I am honored by the Board’s decision and grateful to Mike for his leadership and support. Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”

Reflecting on his tenure, Corbat highlighted his pride in the progress made during his time at Citi, particularly in steering the company through the challenges of the 2008 Recession, stating, “I am extremely proud of what we have accomplished in the past eight years. We completed our transformation from the financial crisis and emerged a simpler, safer, and stronger institution.”