Citigroup Inc has promoted Jane Fraser to be its President. Jane would be the first female chief executive of the U.S. bank.
As per CEO Michael Corbat, “I have asked Jane Fraser to serve as President of Citi, a role that has been open since earlier this year. Stephen Bird has informed me of his decision to leave Citi to pursue an opportunity outside our firm, so Jane will also become CEO of Global Consumer Banking. Stephen will be available over the next few weeks to ensure a smooth transition.”
Adding to this Corbat said, “Ernesto Torres Cantu, currently CEO of Citibanamex, will succeed Jane as CEO of Latin America. We will make an announcement about the leadership in Mexico in the near future.” Speaking on Jane, he commented, “Jane has been at our firm for 15 years, since she joined from McKinsey to run Client Strategy in the Corporate and Investment Bank. During the financial crisis, she led our Corporate Strategy and M&A group and, in many ways, Jane helped shape the company we are today. She subsequently ran two of our businesses, the Global Private Bank followed by U.S. Consumer and Commercial Banking & Mortgages.”
As per Reuters, Stephen Bird, the outgoing Citi global consumer business head, who spent over 20 years at Citi and has served in several key roles, was last month reported to be one of the shortlisted external candidates for the role of HSBC Holdings Plc’s chief executive.
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