During her time at the bank she has helped execute some of its divestitures, including the staggered sale of its Smith Barney brokerage, and was often assigned to fix problems in the bank’s operations, ranging from its US mortgage business to its Mexico operations.
Once it reaches 50,000 feet (15,240 metres) the carrier plane releases SpaceShipTwo, a reusable, winged spacecraft designed to carry six passengers and two pilots into space. Virgin Galactic has named its first SpaceShipTwo VSS Unity (pictured) – the craft that the company has used in all of its test flights – though the firm is […]
“So I got a call from my father, who’s a doctor, who said, ‘Darling, it’s a very good article but I’m a bit concerned about you running through long grass. And while we’re at it, in the book it says you’re being dragged behind a boat on a coral reef with sharks so I just […]
NEW YORK: Citigroup announced that Jane Fraser would succeed Michael Corbat as the bank’s next chief executive, making Fraser the first woman to ever lead a Wall Street bank.Fraser is currently head of Citi’s global consumer banking division, a major part of the bank that includes checking and savings accounts but also Citi’s massive credit […]
“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 […]
Corbat turned Citi into a much smaller and stable entity, focusing on its credit card businesses and its international banking franchise. It was able to pass the Federal Reserve’s “stress tests,” which test a bank’s resiliency, and is considered a much healthier institution now than it ever was before the financial crisis.
Corbat led Citigroup for eight years, rebuilding the company after it nearly collapsed during the Great Recession and 2008 financial crisis. The federal government had to step in to buy a stake in Citi to keep it afloat, and the New York bank had some of the most toxic assets of all the major banks […]
“With Graham, that was a terrific loss as Graham was only 48 and, dear old Gray, worked himself quite hard and drank and smoked a lot. He had given all that up and was just approaching middle age, when he was wise and loving and funny, and then it suddenly catches up with him, the […]
Dylan Haggart, a partner at ValueAct Capital, which owns 27 million shares of Citigroup, said that the hedge fund had worked closely with Fraser in recent years and developed a “deep appreciation for her ability to lead thoughtful strategic transformation and drive operational results.”
“I have worked with Jane for many years and am proud to have her succeed me,” Corbat said in a statement. “With her leadership, experience and values, I know she will make an outstanding CEO.”