“I have worked with Jane for many years and I am proud that she succeeded me,” Corbett said in a statement. “Through his leadership, experience and values, I know he will make a great CEO.”
Fraser, the bank’s 16-year-old senior, was the heir apparent when City elevated him to the presidency in October.
In the public sector, Janet Yellen headed the Federal Reserve, the world’s most powerful central bank, from 2014 to 2018. And as Citi made its historic announcement, European Central Bank President Christine Lagarde explained to reporters at a press conference.
“I’m honored by the board’s decision, thank you for Mike’s leadership and support,” Fraser said in the statement. “Citi is an incredible company with a proud history and a bright future. I look forward to joining my colleagues in writing the next chapter.”
Record-high female CEOs, but still a small percentage
“I look forward to seeing a woman become the first CEO of Wall Street, whoever it is,” Fraser told Harlow. “I never had the ambition to be the CEO of Citi or any other organization. Things may change over time. But at the moment, I still have a lot to learn.”
Citi’s share price is lagging behind
“I am very proud of what we have achieved in the last eight years,” Corbett said in a statement. “We have completed our transition from the financial crisis and become a simpler, safer and stronger company.”
Corbett noted that Citi’s net income nearly tripled to $ 20 billion last year and that the bank was able to recoup nearly $ 80 billion in capital through dividends and purchases.