By Ian McConnell

SCOTTISH-born Jane Fraser has been appointed as chief executive of major Wall Street bank Citi.

Ms Fraser, currently president of Citi and head of its global consumer banking division, will succeed Michael Corbat as chief executive when he retires in February.

Born in St Andrews, Ms Fraser has been at Citi for 16 years and worked previously for management consulting firm McKinsey & Co and investment bank Goldman Sachs.

She has an MBA from Harvard Business School and an MA in economics from Cambridge University.

Ms Fraser said: “I am honoured by the Board’s decision and grateful to Mike for his leadership and support. The way our team has come together during this pandemic shows what Citi is made of. Our balance sheet is strong and our commitment to serving our clients and communities is even stronger. I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank and improve our returns.

"We will invest in our infrastructure, risk management and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”

Mr Corbat said: "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."

John C. Dugan, chair of the board of directors, said: “The board deeply appreciates Mike’s many contributions to Citi, and he will leave the firm in a much stronger position than he found it.

"He led with integrity and has been dedicated not only to the performance of the firm, but also to the well-being and growth of our people. He has helped make Citi a place where they are proud to work."

Mr Dugan added: "We believe Jane is the right person to build on Mike’s record and take Citi to the next level. She has deep experience across our lines of business and regions and we are highly confident in her. Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well."