Citigroup said Thursday that its managing director, Michael Corbat, plans to retire in February, he paved the way for Lieutenant Jane Fraser to become the first female leader of a major Wall Street bank.
Mr. Corbat, who has served as Managing Director since 2012, will be succeeded by Ms. Fraser, President of Citi and Head of Global Consumer Banking. A 16 year old veteran of the company, Ms. Fraser got spiced up next C.E.O. last year when she was promoted to her current role.
Your rise will break one of America’s longest-lasting glass ceilings. At a House Financial Services Committee hearing last April, a lawmaker asked Mr Corbat and six of his colleagues to raise their hands if any of them believed they would be followed by a woman or a black person. Nobody did.
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