Jane Fraser will become the first woman to head a major Wall Street bank after Citigroup announced that she will succeed Michael Corbat as the chief executive once he retires in February,

The bank’s Board of Directors selected Jane Fraser, currently Citi’s President and CEO of Global Consumer Banking, to succeed Michael Corbat who served as the CEO for last eight years. Michael Corbat was a veteran with the bank having worked over 37 years. . He was appointed the CEO following Vikram Pandit’s unceremonious exit.

Jane Fraser joined Citi in 2004 in the Corporate and Investment Banking division. Before joining Citi, Jane was a Partner at McKinsey & Company. She started her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Bursátiles in Madrid, Spain.

“We believe Jane is the right person to build on Mike’s record and take Citi to the next level. She has deep experience across our lines of business and regions and we are highly confident in her. Jane’s ability to think strategically and also operate a business are a unique combination that will serve our company well,” John C. Dugan, Chair of the Board of Directors, said in a press release.

While’s Citigroup’s second-quarter revenue rose by 5% to $19.77 billion, its profit fell 73%,as the bank provisioned for potentially rising loan losses.