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Cramer says the financial institution's glass ceiling is lastly "cracking" and Jane Fraser is called Citi's subsequent CEO

CNBC's Jim Cramer on Thursday praised Jane Fraser's appointment as Citigroup's next chief executive officer. This made her the first woman to run a US megabank.

"The glass ceiling in banking may finally be cracking," Cramer said in "Squawk on the Street." Citi is the third largest US bank by assets.

Fraser will succeed Michael Corbat, who will retire as CEO in February after 37 years at Citi, including the last eight years in leadership. Fraser has been with the company for 16 years and currently heads Citi's global consumer banking unit.

During his takeover as CEO in February, Fraser was elected to the Citi board of directors with immediate effect. In October, she assumed the position of Global Consumer Banking President, positioning her as a potential successor to Corbat.

"This is revolutionary and we cannot deny it," said Cramer.

The Mad Money host also cited recent changes at Clorox that resulted in Linda Rendle, 42, becoming CEO.

"When Benno Dorer [56] retired at Clorox at a very young age and appointed a woman, I said, 'You know what? Perhaps this is the beginning of the realization that it is important for women to get top jobs ", he said .

"As the father of two daughters who always asked, 'Who are the women who run companies?' There is always a hand to be named," added Cramer. "Maybe that's a really great sign."

Cramer also praised the work Corbat did at the helm of Citi, noting that net income increased from about $ 7.5 billion to $ 19.4 billion and that capital was also increased to $ 80 billion. USD has been repaid.

"Banking is hard," said Cramer, who described Corbat as a personal friend. "All of those numbers didn't necessarily make for great stock performance, but they are great numbers."

H. Rodgin Cohen, a well-known lawyer on Wall Street, said he worked with and knew Fraser for more than a decade. He called her the "obvious manager" and "an incredibly talented person".

"Strategically, you have gained experience at all stages of Citi over the years," said the Sullivan & Cromwell executive chairman on CNBC's "Squawk on the Street." “I remember the first time it was introduced a long time ago and one of the executives who said, 'These are the real offspring in the organization.' This was 13 years ago and it wasn't the aspiring woman. It really was the aspiring person in the organization. "

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