US investment bank Citi has confirmed that its chief executive, Michael Corbat, will retire next year and be replaced by the institution’s current CEO of global consumer banking.
Jane Fraser, who has been with Citi for 16 years, will take over from Corbat as chief executive officer at Citi from February 2021.
Fraser has served in various senior executive positions during her tenure, including CEO of Citi’s Latin America business, and CEO of Citi’s private bank. From 2007 and 2009, she was also global head of strategy and mergers & acquisitions.
“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,” said Fraser on her appointment.
“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.”
Corbat will retire after 37 years with Citi. He was appointed chief executive officer in 2012 and has focused on growing the bank’s institutional and consumer banking franchises. Prior to his role as CEO, Corbat was CEO of Europe, the Middle East and Africa, leading Citi’s operations across the region.
During his career at Citi, Corbat had also served as CEO of Citi’s global wealth management division, and was previously head of the global corporate and global commercial bank.
“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,” Corbat commented. “Of course, there is always more to do, and I believe the time is right for my successor to lead Citi through this next stage of progress… 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.”