Citigroup’s Jane Fraser to Become Chief Executive

Citigroup’s Jane Fraser to Become Chief Executive

Jane Fraser, currently the bank's president, will replace Corbat in February, becoming the first woman to lead a major Wall Street institution.A 16-year veteran of the firm, Jane Fraser was teed up as the bank's next C.E.O. last year when she was promoted to her current role.Credit...Kyle Grillot/BloombergBy Michael J. de la MercedCitigroup said on Thursday that its chief executive, Michael Corbat, plans to retire in February, paving the way for his top lieutenant, Jane Fraser, to become the first female leader of a big Wall Street bank.Mr. Corbat, who has served as chief executive since 2012, will be succeeded by Ms. Fraser, who is Citi's president and the head of its global consumer banking business. A 16-year veteran of the firm, Ms. Fraser was teed up as the bank's