Financial services giant Citi announced today that Jane Fraser has been selected as the bank’s next CEO, succeeding Michael Corbat, who has announced his plans to retire in February. Fraser’s appointment as Citi’s next leader will make her the first female CEO of a major Wall Street Bank.

Fraser has been with Citi for over 16 years, and currently serves as President of Citi and CEO of Global Consumer Banking. She has held several top positions at the bank, including CEO Latin America, CEO US Consumer and Commercial Bank and Global Mortgages, CEO Citi Mortgage, CEO Citi Private Bank, and Global Head of Strategy and M&A. Prior to joining Citi, Fraser was a Partner at McKinsey & Company, focusing on financial services and strategy, and she began her career as an Analyst in M&A at Goldman Sachs.

Fraser said:

“I am honored by the Board’s decision and grateful to Mike for his leadership and support. The way our team has come together during this pandemic shows what Citi is made of. Our balance sheet is strong and our commitment to serving our clients and communities is even stronger. I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank and improve our returns. We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. 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.”

John C. Dugan, Chair of the Board of Directors, said:

“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. Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well.”