Citi Group’s CEO Michael Corbat to step down

Corbat said he plans to retire next February and that Jane Fraser, currently Citi’s President and CEO of Global consumer banking, will succeed him as CEO.
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Come February, Jane Fraser will become the first woman to lead a major financial institution in the United States when she takes the reins at Citigroup, the country’s third-largest bank. Ms. Fraser, who has been at Citi for 16 years and runs its biggest global division, will succeed Michael Corbat as chief executive.

Corbat said he plans to retire next February and that Jane Fraser, currently Citi’s President and CEO of Global consumer banking, will succeed him as CEO.

“It’s about time,” said Heidi Miller, a former top executive at JPMorgan Chase told New York Times. Miller was once seen as a potential successor to Jamie Dimon, the bank’s longtime chief executive.

Jane Fraser.

“Kudos to Citi for recognizing the talent and giving her the opportunity and letting her grow,” Ms. Miller said, adding that she was “ecstatic.”

Citigroup operates a subsidiary in Uganda, Citi Bank. As at close of 2019, the bank’s total asset valuation was approximately sh990 billion ($262 million).


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