Citibank has named Jane Fraser to become CEO of the megabank. She will assume the role once current CEO Mike Corbat retires in February.

Why should we care?
Fraser will become the first female CEO of a major bank. She is a 16-year Citi veteran with experience in many of the bank’s business lines. The 53-year-old Scot is currently president and CEO of global consumer banking at Citi, overseeing consumer businesses in 19 countries, including retail banking, wealth management, credit cards, mortgages as well as associated operations and technology. Fraser rises to the helm of an organization facing significant challenges. Citi has reportedly struggled to bring down costs and achieve profitability targets as it prepares for credit losses linked to the phaseout of some government relief programs. For her part, Fraser has her eyes on the future. She suggested early this year that Citi is bracing for change as big tech enters banking, with a need to capture not only the wallet of the consumer, but their hearts and minds too.