Former Citigroup CEO Sandy Weill says that he was very much bullish about the bank’s future after it tapped Jane Fraser to be the one top executive. He calls Jane Fraser a natural leader as she is the one who can bring about future growth. Furthermore, Closing Bell says that I’m amazed that they chose a woman, but I’m much more thrilled that they chose a woman who had done a phenomenal job over the last 16 years in Citi. She did a great job in everything she was given the opportunity to manage.
Citigroup, the third-largest US banks announced earlier Thursday that Michael Corbat intends to retire in February, after around 37 years of the firm. Fraser who is currently the president and the head of its global consumer banking unit is all ready and set to become the first woman to lead major U.S. banks.
Fraser joined Citi in 2004 and is the one who has worked in a variety of roles including seeing down the Latin American operations. Due to banks facing pressure because of the COVID pandemic, Weill said he thought Fraser’s background is well-positioned to follow the years ahead. In addition, Weill said that Citi is having an unbelievable opportunity in the upcoming future.
Weill who left Citi group in 2003 and retired as a chairperson in 2006 was one of the most notable figures of the company in past. He was the one who helped down in sprawling financial institutions in the late 1990s. Probing further, Weill defended Corbat against criticism over the bank stock has performed during the tenure. Citi stock is down 36% this year alone because the financial sector faces burdens of the pandemic’s economic consequences. Weill said that if anything will come this year, then it is Fraser’s good performance and opportunity of Citi to get a great opportunity.