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Jane Fraser will become the first woman to run a major Wall Street bank, succeeding Michael Corbat as Citigroup Inc. chief executive when he retires in February.
Citigroup C, -0.85% tapped Fraser to serve as the bank’s president and to run its global consumer bank last year, a move that established her as the front-runner to succeed Mr. Corbat. But the timing off Corbat’s retirement comes as a surprise; he was expected to remain CEO for another two years.
