Jane Fraser, an executive at Citigroup of Scottish descent, has become the first woman to lead the Wall Street Bank since being named the firm’s next boss.

Cambridge-educated MS Fraser, who began his career at London’s Goldman Sachs, will take over from current chief executive Michael Corbett in February.

The 53-year-old’s promotion to one of the top corporate jobs in the United States has been widely expected since he was elected president of Citigroup last year.

He is currently the chief executive of its global customer banking division.

Ms. Fraser joins a small group of women who have become leaders in large financial institutions.

Among them was Alison Rose, who became the first woman to head a British bank Appointed CEO of Royal Bank of Scotland – Now NetWest Group – Last year.

Ms. Fraser joined Citi in 2004 and has held several top positions, including head of her U.S. consumer and commercial banking unit and head of the Latin America division.

Last year he received বেতন 12.5 million in salary and bonuses and one-off-12.5 million dollars due to his promotion to the role of president.

The bank explained that the one-off award was “in support of a continuum of leadership and a consistent plan of management.”

Mr Karbat, who is retiring after 37 years at the bank as one of the eight chief executives, said in his appointment announcement: “I have worked with Jane for many years and I am proud of my success.

“With his leadership, experience and values ​​I know he will be an outstanding CEO.”

Messrs. Fraser said: “The City has a proud history and an incredible organization with a bright future. I am delighted to be joining my colleagues to write the next chapter.”

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A married mother of two, she has spoken openly about the challenges of balancing her career and family life.

In a 2014 interview with CNN, Mrs. Fraser said: “You can’t put it all together – you can get it all, spread over decades.”

In a 2016 speech, she said: “I am a working mother. I always joke with my team and say that I have three sons at home: I am a 14-year-old, a 16-year-old and a 59-year-old.”

City, together with others US banking giant, The cost of the coronavirus crisis on the economy has been calculated – in July the cost of sourcing change covered cover 7.9 billion.

As a result of the provision, the firm results in a 3% reduction in quarterly profits.

Mr Corbett said at the time: “We are in a completely unpredictable environment … the epidemic has a hold on the economy and it doesn’t seem likely to loosen up until vaccines are widely available.”