– USA, NY – Citi (NYSE: C) today announced that, after 37 years at Citi, including the last eight years as CEO, Michael Corbat plans to retire and step down from its Board of Directors in February of 2021.
The Board of Directors selected Jane Fraser, current Citi’s President and CEO of Global Consumer Banking, to succeed him as CEO in February, and she has been elected to the Board of Directors, with service beginning immediately.
“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,” said Board Chair, John Dugan.
“I have worked with Jane for many years and am proud to have her succeed me. With her leadership, experience and values, I know she will make an outstanding CEO,” said CEO Michel Corbat.
Jane Fraser has been at Citi for 16 years and has been in her current roles since 2019.
John C. Dugan, Chair of the Board of Directors, said, “The Board deeply appreciates Mike’s many contributions to Citi and he will leave the firm in a much stronger position than he found it. He led with integrity and has been dedicated not only to the performance of the firm but also to the well-being and growth of our people. He has helped make Citi a place where they are proud to work.
Michael Corbat said, “I am extremely proud of what we have accomplished in the past eight years. We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution. Across our businesses, we made investments in products where we saw opportunities for growth and Citi has regained its place as a leader in banking. We doubled down on our global network, making it indispensable for our clients and gained significant share across our markets and banking franchises. In consumer banking, we rationalized our footprint and embraced the push to digital, making it a centerpiece of our branch-lite footprint and we now deliver best-in-class products and experiences to our customers…
About Jane Fraser
Jane Fraser is currently the President of Citi and the CEO of Global Consumer Banking. Her global responsibilities include all Consumer businesses in 19 countries, including Retail Banking and Wealth Management, Credit Cards, Mortgages and the associated Operations and Technology.
Before this role, she was the Chief Executive Officer of Citi’s Latin American region from 2015 to 2019. From 2013 to 2015, she was the Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi’s Private Bank. Prior to that, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. She joined Citi in 2004 in the Corporate and Investment Banking division. Before joining Citi, Jane was a Partner at McKinsey & Company. She started her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Bursátiles in Madrid, Spain.
Jane 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.”
Jane Fraser is a member of the Board of Dean’s Advisors at Harvard Business School, serves on Stanford University’s Global Advisory Council and is a member of the Council on Foreign Relations. Jane has an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University. She is married with two children.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
For more information: https://www.citigroup.com/citi/
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