Citi CEO Michael Corbat set to retire in Feb 2021

Citi CEO Michael Corbat today announced his plans to retire from Citi and step down from its Board of Directors in February of 2021.

The Board of Directors selected Jane Fraser, currently 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. peers.

At present, Jane Fraser’s 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, she served as the Chief Executive Officer of Citi’s Private Bank. Prior to that, Jane Fraser 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 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.

Citi is set to name a new CEO of Global Consumer Banking in the coming weeks.