Citigroup said on Thursday that its chief executive, Michael Corbat, plans to retire in February, paving the way for his top lieutenant, Jane Fraser, to become the first female leader of a big Wall Street bank.
Mr. Corbat, who has served as chief executive since 2012, will be succeeded by Ms. Fraser, who is Citi’s president and the head of its global consumer banking business. A 16-year veteran of the firm, Ms. Fraser was teed up as the bank’s next C.E.O. last year when she was promoted to her current role.
Her ascension will break one of corporate America’s longest-enduring glass ceilings. At a hearing of the House Financial Services Committee last April, one lawmaker asked Mr. Corbat and six of his peers to raise their hand if any of them believed they would be succeeded by a woman or person of color. None did.
This is a developing story. Check back for updates.