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Citi CEO Michael Corbat announced Thursday he will retire after 37 years at the company, according to a company statement.

The state of play: The Citi board has chosen Jane Fraser, currently Citi’s president and CEO of global consumer banking, to succeed Corbat in February. She will be the first female CEO of a megabank, per CNBC.

What they're saying: "I believe the time is right for my successor to lead Citi through this next stage of progress," Corbat said.

  • "We know there are products where we can still gain share; we know that the expectations of our customers and clients keep increasing and we have to work harder to keep up."

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How Citi's new CEO managed her work/life balance

Jane Fraser, who was named CEO of Citigroup on Thursday. REUTERS/Erin Scott

The first female big-bank CEO in U.S. history is a Scot who has triumphed in the world's most competitive arenas — Goldman Sachs, Harvard Business School, McKinsey, and now Citigroup, where she will become CEO in February.

The job that Jane Fraser says challenged her the most is among the most common in the world: Mom.

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

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President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.