A Scottish woman has been named as the first female chief executive of a big Wall Street bank.
Jane Fraser, who was born in St.Andrews, will take on the top job at Citigroup in New York when current chief Michael Corbat retires next February.
The 53-year-old is currently the president of Citi and CEO of the company’s global consumer banking division.
Ms Fraser said: “I am honored 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.
“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.”
Ms Fraser has worked at Citi for 16 years, serving in her current role since 2019. She previously headed Citi’s Latin America division from 2015 to 2019.
John C. Dugan, Chair of the Board of Directors, said: “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.”
Ms Fraser is a member of the Board of Dean’s Advisors at Harvard Business School, serves on Stanford University’s Global Advisory Council and is a member of the Council on Foreign Relations.
She is married with two children.