Citigroup’s Jane Fraser to Become Chief Executive

Citigroup 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 woman to lead 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 next C.E.O. last year when she was promoted to her current role.

Ms. Fraser has also overseen several of the bank’s businesses, serving as chief executive of its private bank, its Latin American region and its U.S. consumer and commercial bank and mortgage business. She worked at Goldman Sachs and McKinsey & Company before joining Citi in 2004.

“We believe Jane is the right person to build on Mike’s record and take Citi to the next level,” John C. Dugan, Citi’s chairman, said in a statement. “She has deep experience across our lines of business and regions, and we are highly confident in her.”

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