NEW YORK – Citigroup named Jane Fraser as its next chief executive on Thursday, tapping a woman to lead a giant Wall Street bank for the first time."I am honored by the Board's decision and grateful to Mike for his leadership and support," Fraser said in a press release.
Other women have become CEOs of big financial companies or in related industries, such as Abigail Johnson at Fidelity Investments and Julie Sweet at Accenture. But in taking the helm of the fourth-biggest US bank by assets, Fraser joins a group of Wall Street CEOs that until now has been exclusively led by white men.
From 2012 to 2019, the banking giant saw net income rise from $7 billion to $20 billion, Corbat said in the press release. In the most recent quarter, Citigroup added $5.6 billion in reserves for bad loans, a factor in a 73 percent drop in profits to $1.3 billion. Large banks are also staring at a lengthy period of low interest rates, putting a damper on another source of profits.
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