New York lender Citi’s Jane Fraser to become CEO, 1st woman to lead a Wall St. bank

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New York lender Citi’s Jane Fraser to become CEO, 1st woman to lead a Wall St. bank

Citigroup, the New York City-headquartered American multinational lender and financial services provider, had issued a statement on Thursday saying that the financial conglomerate’s current head of global consumer banking division, Jane Fraser, a Cambridge scholar, 53, would succeed its present Chief Executive Michael Corbat in February 2021, remarking a landmark move in which Wall St.

would witness the first woman to ever lead a major lender in the United States. As beforementioned, the long-term Citi veteran Jane Fraser, serving the fiscal conglomerate for 16 years, has been the current head of the group’s global consumer banking division, a major wing that supervises savings accounts alongside the Citigroup’s mass-scale credit card business.

In tandem, Fraser has been widely known due to her leading role to clean up the American lender’s troubled LATAM banking business. Besides, according to the Thursday statement of Citi announced earlier in the day, Fraser would be the first women to lead one of the top six Wall St.

lenders, a breakthrough development in an industry long dominated by men, though JPMorgan Chief Executive Jamie Dimon has two women as his second-in-command for years such as Jennifer Piepszak and Marianne Lake.

Fraser to take over for Corbat in February

In point of fact, latest surprise moves from Citigroup came forth months after a Congressional hearing last year when the Chief Executives of Wall St.

lenders had been asked whether they were willing to be succeeded by a woman, but no CEOs had raised their hands at that time. Nonetheless, it could be affirmed that Fraser’s voyage as Citi CEO wouldn’t be a bed of roses since it has been almost certain that the US alongside global economies would be grappling with the fiscal fallouts of the pandemic outbreak over the first quarter of 2021.

Apart from the pandemic driven fiscal slump, with a US economy drowning deeper into a recession territory alongside a vaccine at least months away from being introduced, large lenders like of Citi have been expected to meet with heavy snowfalls this winter.