Jane Fraser, the group's global consumer banking head, is replacing longtime CEO Michael Corbat. She is the first woman to lead a major U.S. bank.
Fraser, who started her career at Goldman Sachs, narrowly missed out on the CEO role at Wells Fargo last year.
Jim Cramer did not mince words when he heard the news. Watch the video for his reaction
"It's about damn time," he told TheStreet.
Editor's note: This video first published in December 2020.