Citigroup Inc has selected Jane Fraser as its next CEO, making her the first female Chief Executive of a major global bank.
Fraser will succeed Mike Corbat, who is retiring in February after over 8 years in the top job.
Mr Corbat helped the New York-based bank return to consistent profitability after the behemoth almost collapsed in the 2008 financial crisis.
“We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution,” Corbat said in the statement.
“There is always more to do and I believe the time is right for my successor to lead Citi through this next stage of progress.”
Fraser, who’s Scottish, joined the bank in 2004 and has since risen to become the head of the bank’s growing consumer operations.