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Photo: Ron Adar/SOPA Images/LightRocket via Getty Images

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."

Go deeper

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.

Behind GameStop's latest stock surge

Illustration: Aïda Amer/Axios

Back in focus: The meme stock trade.

By the numbers: GameStop finished up 19%, after a wild day that saw shares spike as much as 80%.

AT&T spins off U.S. video business via deal with TPG

Photo: AaronP/Bauer-Griffin/GC Images

AT&T is spinning off three of its video services, including its satellite TV brand DirecTV, to create a new standalone video company called New DIRECTV.

Details: The company will be jointly owned by AT&T and private-equity giant TPG. AT&T will retain a 70% stake and TPG will own 30% of the firm.