Citi announced that Jane Fraser has been named as President of Citi, a role that has been open since earlier this year. She will also replace Stephen Bird as CEO of Global Consumer Banking. Bird is leaving Citi to pursue an opportunity outside the firm, according to a memo to Citi employees from CEO Michael Corbat.

"Stephen has spent over 20 years at Citi and has served in several key roles, such as Head of Consumer Banking in Asia Pacific and ultimately CEO of the region," said Corbat. "We are grateful for his many contributions and wish him the very best in the future."

Ernesto Torres Cantu, currently CEO of Citibanamex, will succeed Fraser as CEO of Latin America. We will make an announcement about the leadership in Mexico in the near future.

"Jane has been at our firm for 15 years, since she joined from McKinsey to run Client Strategy in the Corporate and Investment Bank. During the financial crisis, she led our Corporate Strategy and M&A group and, in many ways, Jane helped shape the company we are today. She subsequently ran two of our businesses, the Global Private Bank followed by U.S. Consumer and Commercial Banking & Mortgages," said Corbat.

Most recently, Fraser served as CEO of Latin America, where she and Ernesto Torres Cantu have been overseeing the bank's investment in Citibanamex.

"Ernesto is a 30-year veteran of Citi, having joined as a corporate banker in 1989. He was appointed CEO of Citibanamex in 2014. He has an excellent track record of driving business results while also prioritizing our culture and controls. Ernesto is well prepared to take on the role of CEO of the region," Corbat added.

Read the Citi memo here.