Jane Fraser has been named chief executive of Citigroup, making her the first woman ever to head a major U.S. bank, CNN Business reports. Fraser will take over one of the nation’s largest banks in February 2021, during what’s become an unstable financial time for the country. “Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter,” Fraser said in a statement. She has been with Citigroup for 16 years in its Latin American division and corporate strategy group.