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Citigroup Inc. picked Jane Fraser as its next chief executive officer, placing the first woman atop any major global bank.
Fraser will succeed Mike Corbat, who is retiring in February after more than eight years in the top job, the New York-based bank said in a statement. Fraser, who was named the company’s president last year, will join the board immediately.
Corbat helped Citigroup shrink and return to consistent profitability after the behemoth almost collapsed in the 2008 financial crisis. Now, Fraser will be tasked with improving returns that trail industry leader JPMorgan Chase & Co. and using the bank’s global network in a world that’s seeing more nationalism and trade barriers.
“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.”