Citi appoints Jane Fraser as CEO, marking first time a Wall Street bank will be led by a woman

Citi announced Thursday it will appoint Jane Fraser, the bank’s current president, as CEO, marking the first time a major Wall Street bank will be led by a woman. Citi said it also appointed Fraser to its board, effective immediately.

Fraser, who has been at Citi for 16 years and was considered a candidate for the top spot at Wells Fargo last year, will replace current CEO Michael Corbat when he steps down in February, capping an eight-year tenure as chief executive and a 37-year tenure at the bank.

Last year, Fraser was promoted to Citi’s number two spot, a