Jane Fraser

As she prepares to take over in February, Fraser says she is planning to invest in some of the bank's largest businesses, including its sprawling custody network and its burgeoning wealth management effort.

Jane Fraser, who is poised to become the first woman to lead a major U.S. bank, possesses turnaround experience and strong interpersonal skills that make her well suited for mending fences with regulators and investors, according to present and former colleagues.

Michael Corbat won praise for turning the page on the financial crisis and for advancing gender equity in the workplace. But after eight years at the helm, he has failed to deliver the returns that investors have come to expect of Wall Street banks.

Top executives from Citigroup and Goldman Sachs offered warnings Wednesday about why the U.S. economy may be slow to bounce back from the coronavirus pandemic.

Modernizing the bank’s app and digital-banking experience won’t necessarily result in Citigroup needing fewer people in its retail bank, CEO Michael Corbat said.