Consumer banking head of Citigroup, Jane Fraser has been named to succeed Michael Corbat as the bank’s chief executive officer.

According to Evening Standard, the appointment which will be made next year will make her the first first woman to lead a major Wall Street bank.

On her historical career, Fraser was born in St Andrews, Scotland, and attended Cambridge and Harvard Business School.

So far in history, female leaders are still a rarity in banking, especially at the global level.

Before this development occurred, Alison Rose became the first woman to head a British bank when she took on the role at Natwest Group last year, while Santander executive chairman Ana Botin is the only female head of a major euro zone lender.

Fraser, a 16-year veteran at Citi, is also seen as a rising star on Wall Street, and last year. She was seen as a potential chief executive candidate by Wells Fargo & Co’s board, before it settled on former JPMorgan executive Charles Scharf.

Credit Suisse analyst Susan Roth Katzke has made some comments in reaction to the development. She said,

“Timing wise, this is a surprise to us. Strategically this could prove an opportune time for a transition in leadership at Citi. Investors will need to hear more from Jane, sooner rather than later.”