Corbat’s eight-year helm as chief government and cumulative 37 years with the corporate spanned the nation’s restoration from the 2008 monetary disaster and coronavirus recession. Below his management, Citi stated, the financial institution’s internet earnings almost tripled, from $7 billion to almost $20 billion, with a 7 p.c leap in return on tangible widespread fairness.
“Citi’s efficiency by way of COVID-19 has proven our power and resilience, and I’m assured Citi will proceed to be a invaluable associate to our shoppers and clients,” Corbat stated within the launch. “After all, there may be all the time extra to do, and I consider the time is correct for my successor to steer Citi by way of this subsequent stage of progress.”
In her present position, Fraser oversees all shopper companies in 19 nations, together with retail banking and wealth administration, mortgages, bank cards and associated operations and expertise, the corporate stated.
“I’ll do every part I can to make all of our stakeholders pleased with our agency as we proceed to construct a greater financial institution and enhance our returns,” Fraser stated within the launch. “We are going to spend money on our infrastructure, danger administration and controls to make sure that we function in a protected and sound method and serve our shoppers and clients with excellence. Citi is an unimaginable establishment with a proud historical past and a vivid future. I’m excited to affix with my colleagues in writing the subsequent chapter.”
Her profession at Citi spans 16 years. Fraser first joined Citi’s company and funding banking division in 2004. In 2007, she was promoted as the worldwide head of technique for Citi’s mergers and acquisitions. Between 2009 and 2013, she was the chief government of Citi’s personal financial institution. She took over as chief government of the U.S. Client and Business Banking and CitiMortgage, then, in 2015, chief government of the corporate’s Latin American area. She’s held her present job since 2019.