Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019.
Erin Scott/Reuters
Citigroup announced on Thursday that its CEO Michael Corbat will be retiring come February 2021 — and his successor will be Jane Fraser. She has been elected to Citi's board, effective immediately.
The move makes Fraser the first woman to helm a major US bank ever, shattering a glass ceiling on Wall Street.
Fraser, who is Scottish-American, has held various leadership positions at Citi since 2004. Before that, she worked at both McKinsey & Company and Goldman Sachs.
Jane Fraser has been at Citi since 2004. She was named as the incoming CEO of the bank on Thursday, following Michael Corbat's retirement in February 2021.
Jane Fraser.
Fraser, 53, was born in Scotland and earned an MBA from Harvard Business School and a master's in economics from Cambridge.
Harvard Business School in Cambridge, Massachusetts.
She started her career working on mergers and acquisitions at Goldman Sachs in London.
The Goldman Sachs company logo is seen in the company's space on the floor of the NYSE in New York.
She then worked at McKinsey & Co. from 1994 to 2004, where she eventually became a partner, which is a coveted high-level role. She left to become the head of client strategy at Citi, and has been at the bank since.
The logo of McKinsey & Company is seen at VivaTech fair in Paris.
In the 2010s, she held multiple executive positions within the company, most notably serving as the head of the bank's Latin American operations from 2015 to 2019.
FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto
Fraser told CNN Business in 2018 that when she was first appointed to the head of Latin America role, there was "some pretty negative press" about a "female foreigner with responsibility" in Mexico. She tackled the problem by buying "an elegant dress" and getting a haircut, which made her feel more confident and comfortable in her own skin, she said.
Jane Fraser at a 2018 gala in New York City.
Her resolve and success as woman in banking have not gone unnoticed: American Banker named her the sixth most powerful woman in the field in 2019.
Jane Fraser.
She was promoted to president of the bank last fall, marking her as the potential successor to Michael Corbat, who had a 37-year run with Citi and has been the CEO for the past eight years. In her previous role, she oversaw retail banking, wealth management, credit card, and mortgage departments across dozens of countries.
Michael Corbat, CEO of Citigroup, speaks during the Bloomberg Global Business Forum in New York City, New York in September 2019.
In a Thursday statement announcing his retirement and Fraser's appointment, Corbat, 60, wrote: "I have worked with Jane for many years and am proud to have her succeed me. With her leadership, experience, and values, I know she will make an outstanding CEO."
Chief Executive Officer of Citigroup Michael Corbat speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. REUTERS/Clodagh Kilcoyne
Fraser is the first woman to lead a major US bank. "I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank," Fraser wrote in the same press release. "Citi is an incredible institution with a proud history and a bright future."
Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019.
Fraser and her husband share two sons, according to her company bio. "Being a mother of young children and having a career is the toughest thing I have ever had to do," Axios reported Fraser had said after leaving McKinsey.
Jane Fraser, center, at an even in Miami in March 2018.
John Parra/Getty Images for Perez Art Museum Miami
On top of juggling work and family, Fraser also serves on the board of dean's advisors to Harvard Business School and is a member of the Economic Club of New York, the Global Advisory Board at Stanford, and the Council on Foreign Relations.
Graduates of Harvard Business School, where Fraser serves as a board advisor.