Jane Fraser to become Citigroup’s chief executive

Citigroup said Thursday that its chief executive, Michael Corbett, Plans to retire In February, it paved the way for its top lieutenant, Jane Fraser, who became the first woman to head a large Wall Street bank.

Mr. Corbett, who has served as chief executive since 2012, will be replaced by Ms. Fraser, president of the city and head of its global consumer banking business. Mrs. Fraser, a 16-year-old peacock Was teed up Last year, she was appointed as the next CEO of the bank in her current role.

Ms. Fraser owns its private bank, its Latin American territory and its U.S. He has also overseen many of the bank’s businesses, serving as chief executive in the consumer and commercial bank and mortgage business. Prior to joining City in 2004, he worked for Goldman Sachs Sash and McKinsey & Company.

“We believe Jane is the right person to build on Mike’s record and take the city to the next level,” City President John C. Duggan said in a statement. “She has a wealth of experience in our business and field lines and we are very confident in her.”

Ms. Fraser’s ascent will break America’s longest-lasting glass roof. At a House Financial Services Committee hearing last April, one legislator asked Mr. Corbett and six of his colleagues to raise their hands if any of them believed they would be followed by a woman or a man of color. Nothing done.

Ms. 53 years. Fraser is preparing to join a very small group of women leaders in major corporations. Only 31 of the 500 companies that make up the S&P 500 stock index are women, according to advocacy group Catalyst.

Subsequent plans for other street companies may now attract more attention. JPMorgan Chase, for example, has two women, Marianne Lake and Jennifer Pipszak, Among potential candidates To make its longtime chairman and chief executive, Jamie Dimon, a success.

Led by Mr. Corbett – who took over in 2012 following the sudden resignation of his predecessor, Vikram S. Pandit. Between rebellion by his board – The bank sought to rebuild after the 2008 global financial crisis. Citi noted in a statement that its net income during Mr. Corbett’s tenure was about 20 20 billion last year, up from 7 7 billion in 2012.

This is a developing story. Check back for updates.