UNITED STATES- American multinational investment bank and financial services corporation Citigroup Inc has promoted Jane Fraser to the position of President and head head of its global consumer bank.
Her appointment strategically puts her in a position to become the first female chief executive of the U.S. bank.
The Bank said in a statement that Fraser is replacing Stephen Bird as head of the consumer business, adding that Bird is leaving Citi after more than 20 years to pursue an external opportunity.
Reuters reported that promoting someone into a president role typically means that person is being groomed for the top spot.
Citi’s current CEO, Michael Corbat, however downplayed this saying that the move did not suggest an imminent change at the top of the bank.
“I remain committed to leading our firm in the coming years and look forward to working even more closely with Jane in her new roles,” Corbat said in the statement.
The President position at Citi has been vacant since former head of Citi institutional clients group, Jamie Forese, left the bank earlier this year.
Fraser, 52, has been seen as a rising star on Wall Street, and was recently reported to be among the candidates Wells Fargo & Co’s board was considering for its next CEO.
Wells Fargo however settled on another executive, Charles W. Scharf as its next CEO.
A 15-years veteran at Citi, who first joined to run client strategy in the investment bank, Fraser had been running the bank’s Latin America business, including its Citibanamex division in Mexico, for the past few years.
Educated at Girton College, Cambridge, and Harvard Business School, Jane Fraser, a Scottish-American banking executive, was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004.
She has been promoted numerous times and acceded to four CEO posts, the latest being CEO of Citigroup Latin America in April 2015.
She was also included on Fortune’s “Most Powerful Women in Business” list in 2014 and 2015 and has been called the “Number 1 Woman to Watch” for two consecutive years by American Banker.
Her global responsibilities as the Bank’s President and Global consumer bank strategically include all Consumer businesses in 19 countries, including Retail Banking and Wealth Management, Credit Cards, Mortgages and the associated Operations and Technology.