Citigroup Inc (C.N) has promoted Jane Fraser to head of its global consumer bank and president, putting her in a position eventually to become the first female chief executive of the U.S. bank.
Fraser is replacing Stephen Bird as head of the consumer business, the bank said in a statement on Thursday, adding Bird is leaving Citi after more than 20 years to pursue an external opportunity.
Citi’s current CEO, Michael Corbat, said the move did not suggest an imminent change at the top of the bank.
However, promoting someone into a president role typically means that person is being groomed for the top spot. That position has been vacant since former head of Citi institutional clients group, Jamie Forese, left the bank earlier this year.