NEWS

Citigroup Inc. picked Jane Fraser as its next chief executive officer, placing the first woman atop a major Wall Street bank.

Fraser will succeed Mike Corbat, who is retiring in February after more than eight years in the top job. Fraser, who was named the company’s president last year in a move that marked her as the heir apparent, has run the bank’s consumer unit, private bank and Latin American operations in her 16-year tenure.

Corbat helped Citigroup shrink and return to consistent profitability after the behemoth almost collapsed in the 2008 financial crisis. Now, Fraser will be tasked with improving returns that trail industry leader JPMorgan Chase & Co. and using the bank’s global network in a world that’s seeing more nationalism and trade barriers.

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