Jane Fraser, president and chief executive officer (CEO) of global consumer banking at Citi, has been chosen to succeed Michael Corbat, the current CEO of the financial institution, on his retirement in February of next year.

Corbat, in an announcement this week, said after 37 years at Citi, including the last eight years as CEO, he plans to retire and step down from its board of directors.

“I am extremely proud of what we have accomplished in the past eight years. We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution. 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.

“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,” he said in news release.

Fraser comes to the post with a wealth of knowledge and experience and has been with Citi for 16 years and in her current roles since 2019. Among her long list of accomplishments in several other major organisations, Fraser is a member of the Board of Dean’s Advisors at Harvard Business School, serves on Stanford University’s Global Advisory Council and is a member of the Council on Foreign Relations.

“I am honoured by the board’s decision and grateful to Mike for his leadership and support. 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. 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.

“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,” she said in responding to the promotion.

Eva Lewis, Citi country officer and corporate bank head for Jamaica, commenting on the departure and appointment, hailed both Corbat and Fraser as true professional leaders.

“The Citi Jamaica franchise is proud to have been led by outgoing CEO Mike Corbat over the past eight very challenging years. As a global firm, our success and accomplishments are a reflection of his extraordinary leadership. We are excited to welcome Jane Fraser, our first female CEO whom CiTi Jamaica had the pleasure of hosting in Kingston in 2017, in her previous role as CEO of Citi Latin America. We have no doubt that under Jane’s leadership Citi will continue to deliver excellence to our clients both locally and globally,” she said.

Chair of the board of directors, John Dugan, commenmeded Corbat for his years of contributions to the organisation in his many years of leadership.

“He will leave the firm in a much stronger position than he found it. 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. 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,” he added.

Outgoing CEO pleased with financial performance despite COVID-19 effects

Corbat, in looking towards his departure from an organisation in which he has spent many years, said that he was pleased with the company’s growth over the years.

“Our financial performance improved steadily and significantly during the eight years before COVID-19, as we kept our commitment to increase our return on and of capital to our shareholders,” he said, noting that Citi’s net income increased from $7 billion to nearly $20 billion with its return on tangible common equity increasing from 5-12 per cent.

“We went from returning hardly any capital to returning nearly $80 billion in capital to our shareholders over the last six years.

“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. 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,” he stated.

Corbat noted that while there was more work to be done, Citi is now in a good place, of which is successor will lead to further success.

“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. 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 now deliver best-in-class products and experiences to our customers,” he said.