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New York City – Citigroup Inc. decided that its company president, Jane Fraser, will become the next chief executive of the banking giant. She will be the first woman leading a major bank on Wall Street. Fraser’s predecessor, Michael Corbat, will be stepping down in February after eight years as CEO. This comes after Citigroup appointed Fraser President last year.
This major bank has faced recent challenges. Citigroup wired $900 million to hedge funds in August 2020 — by accident. These funds refused to return the money, causing a major blow to the bank.
Referring to the history-making position for Jane Fraser, former chair of the U.S. Federal Deposit Insurance Corp, Sheila Bair, said “I wish her the best. Maybe women can succeed where the men have failed.” Bair notes that there are significant challenges with running a megabank.
Will this new appointment lead to a better path for Citigroup?
Image Credit: Roberto Júnior/Unsplash
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