Michael Corbat, who reshaped Citigroup in the years after its financial crisis bailout, is retiring in February after eight years as CEO.
Jane Fraser, the bank's current president and head of global consumer banking, will replace Corbat in February. She will be the first woman to head a major Wall Street bank.
“I am extremely proud of what we have accomplished in the past eight years," Corbat, who has been with Citi for 37 years, said in a statement. "We completed our transformation from the financial crisis and emerged a simpler, safer and stronger institution."
Fraser, meanwhile, has been at Citi for 16 years, moving into her current role in 2019.
As the company's current president and head of global consumer banking, Fraser oversees consumer businesses in 19 countries, including retail banking and wealth management, credit cards, mortgages and the associated operations and technology.
Citi will name her replacement in the coming weeks.
“I am honored by the Board’s decision and grateful to Mike for his leadership and support," Fraser said in a statement. "The way our team has come together during this pandemic shows what Citi is made of. Our balance sheet is strong and our commitment to serving our clients and communities is even stronger. "