- REUTERS/Erin Scott
- Citigroup has named Jane Fraser as its new president and head of global consumer banking.
- CEO Michael Corbat said the move would help ensure the bank is “well-positioned to succeed not just in the coming years, but into the next decade and beyond.”
- Citi’s latest earnings beat analyst estimates after it cut hundreds of jobs earlier this year.
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Citigroup has named Jane Fraser as its new president and head of global consumer banking.
CEO Michael Corbat said in a statement on Thursday the move would help ensure the bank is “well-positioned to succeed not just in the coming years, but into the next decade and beyond.”
Fraser will be taking over as consumer banking chief from Stephen Bird, who will leave the firm in the coming weeks.
Citigroup has had a mixed year. It reported healthy figures in its latest earnings report, beating Wall Street estimates on revenue and earnings per share.
However, it has cut hundreds of jobs in the last year, including 10% of its equities unit. Citi followed a slew of banks axing jobs including Deutsche and Barclays.
Fraser most recently served as CEO of the bank’s Latin American division and has been at the firm for 15 years. She joined Citi from McKinsey, the blue-chip consultancy.
“Working together, we have made tremendous progress,” Corbat said in the statement. “I remain committed to leading our firm in the coming years and look forward to working even more closely with Jane in her new roles.
“We will continue to execute our strategy so we can deliver the results our stakeholders expect and deserve,” he added.