Citi has appointed Jane Fraser to the role of chief executive as the incumbent retires after nearly four decades with the firm.
Michael Corbat has been at the helm for the last eight years and will step down from official duties in February of 2021.
Fraser, currently Citi's president and chief executive of global consumer banking, will succeed Corbat. She has been elected to the board of directors, a role which she will take on immediately.
Fraser has been at Citi for 16 years. For the last year, she has led global consumer banking, overseeing 19 countries, including retail banking and wealth management, credit cards, mortgages and the associated operations and technology.
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"I am honored by the board's decision and grateful to Mike for his leadership and support. The way our team has come together during this pandemic shows what Citi is made of," Fraser commented.
"Our balance sheet is strong and our commitment to serving our clients and communities is even stronger. 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."
Under Corbat's leadership, the firm's net income increased from US$7 billion to nearly US$20 billion. Return on tangible common equity increased from 5% to over 12%.
Corbat said: "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."
"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. We know there are products where we can still gain share; we know that the expectations of our customers and clients keep increasing and we have to work harder to keep up," he said.