Citi’s next CEO “” Wall Street’s return to office “” Banking bootcamp

Citi’s next CEO “” Wall Street’s return to office “” Banking bootcamp

It may have been a short workweek, but there was no shortage of big Wall Street news.

Citi announced that CEO Michael Corbat will be retiring next year and Jane Fraser, currently the firm's president and head of consumer banking, will be taking the helm. Fraser's elevation to CEO marks the first time a woman will lead a major US bank “” a watershed moment for women in finance.

Fraser had widely been seen as a potential CEO successor after she was promoted to president last fall. But as Reed Alexander wrote, the timing of this week's announcement caught some analysts off guard. "Timing wise, this is a surprise to us," Credit Suisse analysts wrote. "The timing of the announcement "seems unusual and unexpected," Wells Fargo analysts likewise said in a