Citigroup Names Jane Fraser President

Citigroup Inc. tapped its Latin America chief, Jane Fraser, to serve as the bank’s No. 2 executive, putting her atop the list to succeed Chief Executive Michael Corbat. The New York bank named Ms. Fraser president and head of its consumer bank, where she replaces Stephen Bird. Mr. Bird is leaving the bank, according to a story in The Wall Street Journal. Ms. Fraser joined Citigroup in 2004 after stints at Goldman Sachs Group Inc. and McKinsey & Co. She played a lead role in key decisions to slim down Citigroup, such as selling the Smith Barney brokerage. She also ran the private bank, which serves ultrarich clients around the world. In her new role as head of Citigroup’s global consumer arm, Ms. Fraser takes over a unit that accounts for roughly half of the bank’s total revenue. Ernesto Torres Cantu, currently CEO of Citibanamex, succeeds Ms. Fraser as CEO of Citigroup Latin America.