Citigroup has named a woman to be its new chief executive in a first for a Wall Street bank.
The firm said it had selected Jane Fraser, its current president and head of global consumer division, to become its new boss when current chief Michael Corbat retires in February.
He is stepping down after 37 years at the bank, including eight as leader.
Scotland-born Ms Fraser has worked at the bank for 16 years, serving in her current role since 2019.
She oversees business in 19 countries and previously led its Latin America division.
The chair of the bank’s board of directors, John Dugan, said Ms Fraser would “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,” he said.
Born in Scotland, Ms Fraser has degrees from Harvard Business School and Cambridge University and started her career at Goldman Sachs in London. Seen as a rising star in the banking world, she was considered during Wells Fargo’s recent search for a new leader.
Last year, Royal Bank of Scotland named Alison Rose as its first female chief executive, making her the first woman to run any of the big four banks in the UK.
At the end of 2019, just 31 women held the top spots at major American companies listed on the S&P 500 index.