(7b09) – Citigroup Inc C.N named consumer banking head Jane Fraser as its next chief executive on Thursday, making her the first woman to lead a major Wall Street bank.
Fraser, 53, has been a rising star in the financial industry, with a career that spans investment banking, wealth management, troubled mortgage workouts and strategy in Latin America – a key geography for Citigroup. She will take the reins from CEO Michael Corbat in February, the bank said.
Fraser’s promotion to CEO was celebrated as a step in the right direction for an industry that has few women or diverse executives in its top ranks.
“Great news for the company and for women everywhere!” tweeted Bank of America Corp BAC.N operations and technology chief Cathy Bessant. “A big and fantastic moment.”
In an internal memo, Corbat characterized Fraser’s new role as a groundbreaking event and a point of pride for Citigroup.
Fraser has spoken publicly about the struggles she faced as a young woman, and then a working mother, in a competitive industry.
At 2016 event hosted by an international business group, she described her early days as an investment banker, when women were expected to act and dress like men to succeed, as well as her experience juggling home life and work.