Citigroup CEO Michael Corbat said that he is retiring in February after eight years leading the bank, and that the firm’s retail banking chief Jane Fraser will succeed him, making her the first female CEO of a major U.S. bank. Corbat’s move finalizes a management overhaul that had been underway at the third-largest U.S. bank by assets. Last year, Jamie Forese, Citigroup’s president at the time, announced he was stepping down after three decades at the bank, which followed the departures of the bank’s longtime chief financial officer and a pair of regional heads. Fraser’s ascension at Citigroup answers a question many ... (full story)