Citi CEO Michael Corbat announced that he “asked Jane Fraser to serve as President of Citi, a role that has been open since earlier this year. Stephen Bird has informed me of his decision to leave Citi to pursue an opportunity outside our firm, so Jane will also become CEO of Global Consumer Banking. Stephen will be available over the next few weeks to ensure a smooth transition.”
Ernesto Torres Cantu, currently CEO of Citibanamex, will succeed Jane as CEO of Latin America. “Ernesto is well prepared to take on the role of CEO of the region.” Corbat added. According to him, an announcement about the leadership in Mexico will be made in the near future.
Jane has been at Citi for 15 years, since she joined from McKinsey to run Client Strategy in the Corporate and Investment Bank. “During the financial crisis, she led our Corporate Strategy and M&A group and, in many ways, Jane helped shape the company we are today. She subsequently ran two of our businesses, the Global Private Bank followed by U.S. Consumer and Commercial Banking & Mortgages”.
Most recently, Jane served as CEO of Latin America, where she and Ernesto have been overseeing Citi’s substantial investment in Citibanamex, which has strengthened their franchise as well as improved our products and services.
Ernesto is a 30-year veteran of Citi, having joined as a corporate banker in 1989. He was appointed CEO of Citibanamex in 2014. He has an excellent track record of driving business results while also prioritizing our culture and controls.
“Working together, we have made tremendous progress. I remain committed to leading our firm in the coming years and look forward to working even more closely with Jane in her new roles. We will continue to execute our strategy so we can deliver the results our stakeholders expect and deserve.” Corbat concluded.
For Magdalena Martínez
