Sept. 10, 2020

Citi has named a top executive, Jane Fraser, as its new CEO.

Fraser is Citi’s president and CEO of global consumer banking and will succeed Michael Corbat, who announced plans to retire in February 2021.

Corbat has been CEO since 2012 and visited Sioux Falls last year to help open Citi’s new headquarters in the city.

“I am extremely proud of what we have accomplished in the past eight years,” Corbat said in a statement.

“We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution. Across our businesses, we made investments in products where we saw opportunities for growth, and Citi has regained its place as a leader in banking. We doubled down on our global network, making it indispensable for our clients and gained significant share across our markets and banking franchises. In consumer banking, we rationalized our footprint and embraced the push to digital, making it a centerpiece of our branch-lite footprint, and we now deliver best-in-class products and experiences to our customers.

Fraser has been at Citi for 16 years and is the first woman to lead a major Wall Street firm.

“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. Our balance sheet is strong, and our commitment to serving our clients and communities is even stronger,” she said.

“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. We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”

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