NEW YORK — Jane Fraser is about to make history as the first female CEO of a major U.S. bank. 

What You Need To Know

  • Jane Fraser has been named Citigroup's CEO effective February

  • She replaces the retiring Michael Corbat

  • Fraser will become the first female CEO of a major U.S. bank

  • She currently serves as Citi's president and head of global consumer banking

Citigroup announced Thursday that Fraser, 53, will replace Michael Corbat, who is retiring after 37 years with the bank.

Fraser was made Corbat’s heir apparent in October, when she was promoted to her current role as Citi’s president and CEO of its global consumer banking division. She has been with the company for 16 years, having also served as the chief executive of its private bank, its Latin American region and its U.S. consumer and commercial bank and mortgage business.

A native of Scotland, Fraser holds an MBA from Harvard Business School and a master’s degree in economics from Cambridge University. 

Prior to joining Citi in 2004, Fraser was a partner at McKinsey & Company. She started her career working in mergers and acquisitions at Goldman Sachs before moving on to Asesores Bursátiles in Madrid. 

"I am honored by the Board's decision and grateful to Mike for his leadership and support," Fraser said in the statement. "Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter."

Fraser was also added to Citi’s board of directors effective immediately. 

“I have worked with Jane for many years and am proud to have her succeed me," Corbat said in a statement. “With her leadership, experience and values, I know she will make an outstanding CEO."

Fraser takes over the bank at a tumultuous time, as the coronavirus pandemic continues to take its toll on global economies. As a result, banks have set aside billions of dollars in anticipation of a wave of loan defaults.

While there has been some headway made, female CEOs are still greatly outnumbered by their male counterparts. Just 37 Fortune 500 companies are headed by women, up from 33 in 2019 and just two 20 years ago.