shatters

Wall Street shatters a glass ceiling as Jane Fraser is announced as Citigroup’s new CEO, becoming the first woman to lead a major US bank

Jane Fraser, president of Citigroup, was announced as the firm's new CEO effective February 2021. <p class="copyright">Erin Scott/Reuters</p>
Jane Fraser, president of Citigroup, was announced as the firm’s new CEO effective February 2021.
  • Citigroup said Thursday that its CEO, Michael Corbat, is retiring effective February 2021. His departure will conclude a 37-year run with the firm.

  • Corbat, 60, will be replaced by Jane Fraser, 53, currently the firm’s president and CEO of its consumer banking division.

  • Fraser’s elevation to CEO of Citigroup marks the first time a woman has been appointed head of a major US bank — a watershed moment for women in finance.

  • Fraser had widely been seen as a potential successor to Corbat after she was promoted to president of the bank last fall. But the timing of the latest announcement caught some analysts off guard.

  • Visit Business Insider’s homepage for more stories.

Wall Street just shattered a glass ceiling.

On Thursday, Citigroup announced that its CEO of eight years, Michael Corbat,

Read More