Changes At Top Of Citigroup

Editorial Staff

28 October 2019

Jane Fraser, who has run ’s global private bank and its US consumer and commercial banking arms, and most recently its Latin American business, is the bank's new president. The move was among a number of top-level changes announced by the US bank last week.

Fraser has been at the bank for 15 years, having joined from McKinsey to run client strategy in the corporate and investment bank. During the financial crisis, she led its corporate strategy and M&A group, Citigroup said.

Stephen Bird is leaving to pursue an opportunity outside the firm, so Fraser will also take on his role as CEO of global consumer banking. Bird will be available over the next few weeks to ensure a smooth transition, Michael Corbat, global CEO, said in a statement.

Bird’s departure rounds out a 20-year career at Citigroup. He has served in several roles, including head of consumer banking in Asia-Pacific and ultimately CEO of the region.

Ernesto Torres Cantu, CEO of Citibanamex, will succeed Fraser as chief executive of Latin America. The firm will make an announcement about the leadership in Mexico in the near future.

Most recently, Fraser served as CEO of Latin America, where she and Ernesto Torres Cantu oversaw Citigroup’s investment in Citibanamex.

Torres Cantu, who was appointed CEO of Citibanamex in 2014, is a 30-year veteran of Citigroup, having joined as a corporate banker in 1989.

A few days ago Citigroup announced the appointment of a new chief executive for its business in Asia. Peter Babej was named as the new CEO in its Asia-Pacific region, taking over from Tim Monger.