8.6 C
New York
Wednesday, June 23, 2021
Home Business Citibank names Jane Fraser as next CEO, first woman to hold top...

Citibank names Jane Fraser as next CEO, first woman to hold top job at major U.S. bank


Citibank has named Jane Fraser to be its next CEO, the first woman to hold the top job at a major bank on Wall Street.

The U.S. bank said Thursday that current CEO Michael Corbat will retire in February. And Citi has named Jane Fraser, the current head of the bank’s consumer unit, to replace him.

Corbat, who has been with Citi for 37 years including the last eight as CEO, was one of seven bank CEOs who testified to the U.S. House of Representatives Financial Services Committee last year on proposed changes to bank regulations.

In one high profile exchange, Democratic lawmaker Al Green of Texas asked the all-white and all-male panel of CEOs if they thought a woman or a person of colour would succeed them. None of the bank CEOs said they thought that would happen.

Fraser has been with the bank for the last 16 years, and was named the bank’s president last year, fuelling speculation that she may be on deck for the CEO job, since the two titles are often held by the same person.

“I have worked with Jane for many years and am proud to have her succeed me,” Corbat said. “With her leadership, experience and values, I know she will make an outstanding CEO.”

John Dugan, the chair of the bank’s board of directors, was just as effusive. “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.”

The 53-year-old Fraser has degrees from Cambridge and Harvard, and prior to becoming president, she had senior roles with the bank’s Latin American unit, the mortgage division, and a stint in mergers and acquisitions.

No woman has thus far ever held the top job at any of Canada’s five big banks.

 

 



Source link

Today news
Today News 1 runs four of the western GTA’s most influential media websites, offering news, food, lifestyle and entertainment coverage for millions to the Golden Horseshoe and GTA regions. The independently-run, online news source was founded in 2019 and specializes in everything from breaking news to food and restaurant, arts and entertainment and lifestyle coverage.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

New Brunswick Museum launches project to encourage sharing life stories

The New Brunswick Museum hopes the notes of a nostalgic song will bring back distant life moments. "Reviving Our Memories" is a...

TikTok strikes agreement over royalty payments for music used in Canada

Canada's leading music reproduction rights agency says it has signed an agreement with TikTok that will see artists paid for use of their...

Saskatoon beaver takes down Canadian flag, makes off with flagpole

A Saskatoon photographer captured his own heritage minute after he witnessed a beaver standing on guard for thee, right under a Canadian flag. ...

Thousands of paper cranes from Manitoba Japanese association honour children lost at residential schools

Yuhito Adachi folds a square piece of origami paper with printed cherry blossoms in half, pressing down firmly on the crease to form...

Recent Comments