Why Michael Corbat is leaving Citigroup, paving way for Jane Fraser


Chief Executive Officer of Citigroup Michael Corbat speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019.

Clodagh Kilcoyne | Reuters

When Citigroup president Jamie Forese announced he was stepping down in April 2019, it set off a chain of events that culminated Thursday when the firm announced it will appoint Jane Fraser as CEO, making her the first female head of a major U.S. bank.

Forese, a 33-year veteran of Citigroup, was widely seen as CEO Michael Corbat‘s heir apparent, the person who would take over the third-biggest U.S. bank if something happened to Corbat. Now, it was anybody’s game.

Fraser, a rising star and former McKinsey partner who ran the bank’s…


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