Citigroup has promoted Jane Fraser to president, its second-highest post, paving the way for her to succeed CEO Michael Corbat and become the first woman to run one of the largest US banks.
Corbat said he tapped Fraser for the the role to make sure the bank is well positioned for the next decade and beyond.
"I remain committed to leading our firm in the coming years and look forward to working even more closely with Jane in her new roles," the CEO said in a memo.
In many ways, Jane helped shape the company we are today"
Fraser will also replace Stephen Bird as the head of global consumer banking.
Fraser has been with Citigroup for 15 years and previously served as head of Citigroup's Latin America division, a role that will be filled by the current CEO of the company's Mexican subsidiary, Ernesto Torres Cantu.
During the 2008 Recession, Fraser led the bank's Corporate Strategy and M&A group, Corbat said in the note, adding, "in many ways, Jane helped shape the company we are today."
While Corbat, 59, is widely expected to remain in place for some time, Citi's announcement offered the latest hope that women are close to cracking the glass ceilings at the country's largest banks, the NYT writes.
Citigroup is the country's third largest bank, with $1.9bn in assets last year.
Very few women have made it to top roles at the world's largest companies. Only 27 of the 500 companies that make up the S&P 500 stock index have female chief executives, according to advocacy group Catalyst.