Citi CEO Michael Corbat announced that he would retire from the company in February 2021 after eight years as CEO and 37 at Citi.
Citi’s board of directors said Jane Fraser, the president and CEO of Global Consumer Banking, would succeed Corbat in February. Fraser has been president of Global Consumer Banking the past year and has spent 16 years at Citi.
Board Chairman John Dugan said in a press release announcing the changes that Corbat would be leaving Citi in a stronger position than when he took the role.
“He led with integrity and has been dedicated not only to the performance of the firm, but also to the well-being and growth of our people,” Dugan stated. “He has helped make Citi a place where they are proud to work.
“We believe Jane is the right person to build on Mike’s record and take Citi to the next level. She has deep experience across our lines of business and regions and we are highly confident in her. Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well.”
Corbat said he was proud of the work Citi has accomplished in his tenure as CEO.
“We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution,” he stated. “Across our businesses, we made investments in products where we saw opportunities for growth, and Citi has regained its place as a leader in banking. We doubled down on our global network, making it indispensable for our clients and gained significant share across our markets and banking franchises. In consumer banking, we rationalized our footprint and embraced the push to digital, making it a centerpiece of our branch-lite footprint and we now deliver best-in-class products and experiences to our customers.”
Corbat also pointed to the capital returned to shareholders, nearly $80 billion in the past six years, as a sign of the company’s strength.
“Through it all, we showed the character of our people and our firm as we took leadership roles in the fight against climate change and for gender equity,” he stated. “Citi’s performance through COVID-19 has shown our strength and resilience, and I am confident Citi will continue to be a valuable partner to our clients and customers.
“Of course, 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. We know there are products where we can still gain share; we know that the expectations of our customers and clients keep increasing and we have to work harder to keep up. And as the world’s most global bank, safety and soundness always have to be a foundation of our institution. We have launched significant investments in our infrastructure as part of our push to make strengthening our risk and control environment a strategic priority for the firm.”
He stated his support for Fraser in taking over the role.
“I have worked with Jane for many years and am proud to have her succeed me. With her leadership, experience and values, I know she will make an outstanding CEO,” Corbat stated.
Fraser’s current global responsibilities include all consumer businesses in 19 countries, including retail banking and wealth management, credit cards, mortgages and the associated operations and technology.
“I am honored by the board’s decision and grateful to Mike for his leadership and support,” Fraser said in the release. “The way our team has come together during this pandemic shows what Citi is made of. Our balance sheet is strong and our commitment to serving our clients and communities is even stronger.
Before this role, she was the CEO of Citi’s Latin American region from 2015 to 2019. From 2013 to 2015, she was the CEO of the U.S. Consumer and Commercial Banking at CitiMortgage. From 2009 to 2013, she served as the CEO of Citi’s Private Bank.
“I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank and improve our returns,” Fraser stated. “We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. 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.”