Citigroup named retail banking head Jane Fraser as its next chief executive, making her the first woman ever to head a major U.S. bank.
Fraser will replace Michael Corbat, who unexpectedly announced his retirement after eight years on the job. He will leave the bank in February
"I am honored by the Board's decision and grateful to Mike for his leadership and support," Fraser said in a 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," she added.
The Scottish-born Fraser, 53, has been with Citigroup for 16 years, and has served as president and CEO of the Global Consumer Banking division since last year. She also headed the bank's Latin American division following a loans scandal involving its Mexican subsidiary, Banamex.
"We believe Jane is the right person to build on Mike's record and take Citi to the next level," Citi's Chairman John Dugan said.
By becoming CEO of Citigroup, one of the country's biggest banks by assets, Fraser is breaking one of the most durable glass ceilings around. Before now, U.S. bank CEOs have mostly been men, and just a small handful of women head Fortune 500 companies.
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