Citi’s Michael Corbat to retire, Jane Fraser to become first woman CEO of a US megabank


Citigroup CEO Michael Corbat said Thursday he is retiring in February after eight years leading the bank, and that retail banking chief Jane Fraser will succeed him, making her the first female CEO of a major U.S. bank. 

The move by Corbat, 60, finalizes a management overhaul that had been underway at the third-largest U.S. bank by assets. Last year, Jamie Forese, Citigroup’s then-president, announced he was stepping down after three decades at the bank, which followed the departures of the bank’s longtime chief financial officer and a pair of regional heads.

During his tenure, Corbat helped to improve a global financial institution that was still hobbling after the 2008 financial…


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