Jane Fraser will become the first woman to run a major Wall Street bank, succeeding Michael Corbat as Citigroup Inc. chief executive when he retires in February. Citigroup tapped Ms. Fraser to serve as the bank’s president and to run its global consumer bank last year, a move that established her as the front-runner to succeed Mr. Corbat. But the timing of Mr. Corbat’s retirement comes as a surprise; he was expected to remain CEO into 2022.

Source: Wall Street Journal September 10, 2020 12:51 UTC