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Citigroup faucets Jane Fraser as Corbat's successor; first girl to run a Wall Road financial institution

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ยฉ Reuters. Citigroup CEO Michael L. Corbat testifies before a House Financial Services Committee hearing on Capitol Hill in Washington

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By C Nivedita and David Henry

(Reuters) – Citigroup Inc (N ๐Ÿ™‚ on Thursday named Jane Fraser, director of consumer banking, to succeed Michael Corbat as the bank's chief executive officer for the next year. She became the first woman to run a major Wall Street bank.

Women executives in banking are still a rarity around the world. Alison Rose was the first woman to run a UK bank when she took the role at Natwest Group last year, while Santander (MC ๐Ÿ™‚ Chairwoman Ana Botin is the only female director of a major lender in the Eurozone.

Fraser has long been considered a rising star on Wall Street and last year it was a potential CEO candidate of Wells Fargo & Co & # 39; s (N ๐Ÿ™‚ board before settling on former JPMorgan (NYSE ๐Ÿ™‚ executive Charles Scharf.

A 16 year old Citi veteran who initially took over client strategy at the investment bank, Fraser began her career at Goldman Sachs (NYSE ๐Ÿ™‚ in the mergers and acquisitions department in London and then worked for Asesores Bursรกtiles in Madrid, Spain.

"In terms of timing, this comes as a surprise to us. Strategically, this could be an opportune time to change leadership at Citi. Investors will need to hear more from Jane sooner rather than later." Credit Suisse (SIX ๐Ÿ™‚ Analyst Susan Roth Katzke said in a note.

Last October, Fraser was promoted to the role of president and tasked with running the global consumer bank. This step was widely seen as a precursor to their survey.

Previously, she led the bank's Latin America operations, including the Citibanamex division in Mexico.

She ran Citi's private bank and troubled mortgage business, and is held internally responsible for helping the bank recover from the financial crisis when it needed $ 45 billion in taxpayers' money to survive.

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