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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."