A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014.  REUTERS/Lucas Jackson/File Photo
PHOTO: Lucas Jackson/REUTERS
A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014. REUTERS/Lucas Jackson/File Photo
Now playing
02:06
Goldman Sachs' first quarter revenue falls short
People continue to eat in dining pods despite indoor dining opening back up on Valentine's Day on February 14, 2021 in the Brooklyn borough of New York City. (Photo by Michael Loccisano/Getty Images)
PHOTO: Michael Loccisano/Getty Images
People continue to eat in dining pods despite indoor dining opening back up on Valentine's Day on February 14, 2021 in the Brooklyn borough of New York City. (Photo by Michael Loccisano/Getty Images)
Now playing
03:07
US economy added 379,000 jobs in February
small business loans
small business loans
Now playing
02:45
Funding delays leave small businesses in limbo
Mandatory Credit: Photo by JUSTIN LANE/EPA-EFE/Shutterstock (11700603g)
Pedestrians walk past a closed store in New York, New York, USA, on 08 January 2021. The United States' Bureau of Labor Statistics released data today showing that the US economy lost 140,000 jobs in December and that the unemployment rate is at 6.7 percent as businesses continue to struggle with the economic impact of the coronavirus pandemic.
Coronavirus Economy Impact, New York, USA - 08 Jan 2021
PHOTO: Justin Lane/EPA-EFE/Shutterstock
Mandatory Credit: Photo by JUSTIN LANE/EPA-EFE/Shutterstock (11700603g) Pedestrians walk past a closed store in New York, New York, USA, on 08 January 2021. The United States' Bureau of Labor Statistics released data today showing that the US economy lost 140,000 jobs in December and that the unemployment rate is at 6.7 percent as businesses continue to struggle with the economic impact of the coronavirus pandemic. Coronavirus Economy Impact, New York, USA - 08 Jan 2021
Now playing
01:30
Another 745,000 Americans filed for first-time unemployment benefits
PHOTO: YouTube/Everyday Astronaut
Now playing
01:19
Watch SpaceX Mars prototype rocket nail landing, explode on pad
Now playing
02:55
Marriott CEO: We want travelers to feel safe
CHICAGO, ILLINOIS - JANUARY 15: Demonstrators participate in a  protest outside of McDonald's corporate headquarters on January 15, 2021 in Chicago, Illinois.  The protest was part of a nationwide effort calling for minimum wage to be raised to $15-per-hour. (Photo by Scott Olson/Getty Images)
PHOTO: Scott Olson/Getty Images
CHICAGO, ILLINOIS - JANUARY 15: Demonstrators participate in a protest outside of McDonald's corporate headquarters on January 15, 2021 in Chicago, Illinois. The protest was part of a nationwide effort calling for minimum wage to be raised to $15-per-hour. (Photo by Scott Olson/Getty Images)
Now playing
03:31
What a $15 minimum wage really looks like
PHOTO: MyHeritage
Now playing
01:01
Watch old photos come to life using AI
Now playing
01:19
Warren proposes wealth tax: 'It's time for them to pay a fair share'
Nigerian former Foreign and Finance Minister Ngozi Okonjo-Iweala smiles during a press conference on July 15, 2020, in Geneva, following her hearing before World Trade Organization 164 member states' representatives, as part of the application process to head the WTO as Director General. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
PHOTO: FABRICE COFFRINI/AFP/Getty Images
Nigerian former Foreign and Finance Minister Ngozi Okonjo-Iweala smiles during a press conference on July 15, 2020, in Geneva, following her hearing before World Trade Organization 164 member states' representatives, as part of the application process to head the WTO as Director General. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
Now playing
04:05
WTO Chief: We need equitable and affordable access to vaccines
Goya Foods President Robert Unanue speaks at a press conference with Carlos Vecchio, the Venezuelan Ambassador who is recognized by the United States on December 21, 2020 in Doral, Florida. The two held the press conference to discuss details of a recent shipment of humanitarian aid to Venezuela, donated by Goya Foods. (Photo by Joe Raedle/Getty Images)
PHOTO: Joe Raedle/Getty Images
Goya Foods President Robert Unanue speaks at a press conference with Carlos Vecchio, the Venezuelan Ambassador who is recognized by the United States on December 21, 2020 in Doral, Florida. The two held the press conference to discuss details of a recent shipment of humanitarian aid to Venezuela, donated by Goya Foods. (Photo by Joe Raedle/Getty Images)
Now playing
03:24
Goya CEO under fire for false Trump election claims
Now playing
01:23
'There should be no threats': Biden's message to union-busters
Now playing
01:36
Michael Bolton wants you to break up with Robinhood
Now playing
01:57
Fed chief downplays inflation concerns
Now playing
04:34
See what has happened to Trump's DC hotel after his loss
Now playing
01:41
Meet the 29-year-old cancer survivor set to make history in space
(CNN Business) —  

Citigroup CEO Michael Corbat on Thursday named Jane Fraser the bank’s new president, as well as its new CEO of Global Consumer Banking.

The move makes Fraser second in command at Citigroup (C), a role that has been open for several months as Corbat considered the bank’s future. Fraser is now Corbat’s likely successor, which could make her the first-ever woman CEO of a major bank.

Citigroup is the country’s third largest bank, with $1.9 trillion in assets last year.

“Just as talent planning and development is something we ask of all our leaders, I also have a responsibility to you, and all of our stakeholders, to make sure our firm is well positioned to succeed, not just in the coming years, but into the next decade and beyond,” Corbat said in a letter to employees released Thursday.

Prior to Thursday, then-CEO of Global Consumer Banking Stephen Bird had also been considered a possible frontrunner for the CEO job. In his statement Thursday, Corbat announced Bird is leaving Citi to “pursue an opportunity outside our firm,” leaving his position open for Fraser to step into as well.

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.”

During a 2018 interview with CNN’s Poppy Harlow, Fraser demurred on the question of whether or not she wanted to become CEO of Citibank, and spoke about her efforts to bring more women into senior leadership at the bank.

“I look forward to seeing a woman being the first CEO of a Wall Street firm whoever that may be,” Fraser told Harlow. “I’ve never had the ambition to be the CEO of Citi or any other organization. Things can change over time. But at the moment, I’ve still got a lot to learn.”

Now it’s clear that could become a reality for Fraser. But it appears Corbat is not going anywhere soon.

“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,” he said Thursday. “We will continue to execute our strategy so we can deliver the results our stakeholders expect and deserve.”

Correction: The original version of this story misstated how much money Citigroup has in assets.