CITIGROUP PICKS JANE FRASER AS FIRST WOMAN CEO

Citigroup announced that Jane Fraser would succeed Michael Corbat as the bank’s next chief executive, making Fraser the first woman to ever lead a Wall Street bank. Fraser is currently head of Citi’s global consumer banking division. She’s been with Citi for 16 years.

Citigroup picked Jane Fraser as its next chief executive officer, placing the first woman atop any major global bank.

Fraser will succeed Mike Corbat, who is retiring in February after more than eight years in the top job, the New York-based bank said in a statement. Fraser, who was named the company’s president last year, will join the board immediately.

Corbat helped Citigroup shrink and return to consistent profitability after the behemoth almost collapsed in the 2008 financial crisis. Now, Fraser will be tasked with improving returns that trail industry leader Jpmorgan Chase and using the bank’s global network in a world that’s seeing more nationalism and trade barriers.

“We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution,” Corbat said in the statement.

“There is always more to do and I believe the time is right for my successor to lead Citi through this next stage of progress.” Fraser, who’s Scottish, joined Citigroup in 2004 and has since risen to become the head of the bank’s sprawling consumer operations after stops as head of the bank’s Latin American business and its private bank. Her promotion last year came after she was viewed as a potential candidate for CEO jobs at other banks, including Wells Fargo & Co.