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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.

Battle for the soul of a new web

Illustration: Aïda Amer/Axios

A well-funded and intensely motivated chunk of tech's hive mind is finding common cause in a vast new project: rebuilding the web on a foundation of cryptocurrency and blockchain tech. They call it "Web3."

The big picture: Developers, investors and early adopters imagine a future in which the technologies that enable Bitcoin and Ethereum will break up the concentrated power today's tech giants wield and usher in a golden age of individual empowerment and entrepreneurial freedom.

First look: Biden summons top CEOs on supply chain

Photo: Alex Wong/Getty Images

President Biden will meet Monday afternoon with CEOs of big retailers, grocers and consumer-products firms to send this message, according to the White House: Products will be on shelves for holiday shopping.

Zoom out: Black Friday sales rebounded from 2020.