Jane Fraser takes helm at Citi

Jane Fraser, the new CEO of Citi, has become the first woman to lead a major Wall Street bank.

C Nivedita and Noor Zainab Hussain from Reuters reported:

Citigroup Inc C.N named consumer banking head Jane Fraser as its next chief executive on Thursday, making her the first woman to lead a major Wall Street bank.

Fraser, 53, has been a rising star in the financial industry, with a career that spans investment banking, wealth management, troubled mortgage workouts and strategy in Latin America – a key geography for Citigroup. She will take the reins from CEO Michael Corbat in February, the bank said.

David Benoit and Christina Rexrode from the Wall Street Journal wrote:

Colleagues and friends said Ms. Fraser, 53, is up for the challenge, having tackled some of the bank’s thorniest problems in her 16 years at the bank. Ms. Fraser, they said, has the right combination of strategic vision and operational prowess to guide Citigroup through a severe recession that has injured several of its core businesses.

“Jane is tough as nails,” said John Gerspach, Citigroup’s retired longtime financial chief. “She’s an incredibly nice person but don’t confuse how she comes across with her ability to make the hard decisions.”

CNN’s Matt Egan noted:

Fraser, currently in charge of Citi’s (C) consumer bank, is set to take over in February for Michael Corbat, who plans to retire after 37 years at the bank.

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

While Corbat helped stabilize Citi following the Great Recession, Fraser will be taking over one of the nation’s largest banks at a time of vast economic uncertainty. Even the largest US banks have reported sharp declines in profit as they brace for a wave of defaults during the pandemic.