Citigroup named Jane Fraser as President Thursday, thus positioning her as a possible successor to CEO Michael Corbat and the first woman CEO of the bank.

Corbat said he tapped Fraser for 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.

Fraser will also replace Stephen Bird as the head of global consumer banking. Bird is leaving Citi after 20 years, having served in several key roles, including CEO of the bank’s Asia Pacific division.

Fraser has been at Citi veteran for 15 years since she joined McKinsey to run client strategy in the corporate and investment bank. She also led the bank’s corporate strategy and M&A group during the financial crisis. 

In her most recent role, however, she served as the CEO of Latin America. Ernesto Torres Cantu who is currently CEO of Citibanamex will now take over that role.

The position of President opened up in April when Jamie Forese retired after more than three decades at the bank. Citi's announcement to elevate Fraser is the latest hope that women are inching closer to cracking the glass ceilings at some of the world’s largest organizations.

Image Credits: .Americanbanker