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NEW YORK (AP) — Citigroup's Jane Fraser will become the first woman ever to lead a Wall Street bank when she succeeds CEO Michael Corbat in February. The New York bank announced the succession Thursday. Fraser is currently head of Citi's global consumer banking division, a major part of the bank that oversees checking and savings accounts but also Citi's massive credit card business. For 16 years, Fraser has worked in various departments within Citi:- 2015-19: Chief Executive Officer of Citi’s Latin American region.- 2013-15: Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage. - 2009-13: Chief Executive Officer of Citi's Private Bank. - 2007-09: Global Head of Strategy and Mergers & Acquisitions.In 2004, she joined the company in its Corporate and Investment Banking division.She previously worked at McKinsey & Company, Goldman Sachs, and Asesores Bursátiles.Fraser also serves as a member of the Board of Dean’s Advisors at Harvard Business School and Stanford University’s Global Advisory Council. She's also a member of the Council on Foreign Relations.She earned her M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University.Fraser's climb to the CEO role is a major accomplishment in an industry long dominated by men. Corbat led Citigroup for eight years, rebuilding the company after it nearly collapsed during the Great Recession and 2008 financial crisis.Corbat had been with the company for 37 years. 1500

NEW YORK, N.Y. – During his first sit-down interview since officially becoming the Democratic presidential nominee, Joe Biden addressed a controversial comment he made in the spring regarding the Black community.The former vice president came under fire in May when he told “Breakfast Club” radio host Charlamagne tha God that African American voters aren’t Black if they support President Donald Trump over him in November."Well, I’ll tell you what, if you have a problem figuring out whether you're for me or Trump, then you ain't black," Biden quipped at the end of the interview."It don't have nothing to do with Trump, it has to do with the fact, I want something for my community," Charlamagne responded.“Take a look at my record. I extended the Voting Rights Act 25 years' I have a record that is second to none. The NAACP has endorsed me every time I've run. I mean, come on, take a look at the record," Biden said back.Sunday, ABC’s Robin Roberts asked Biden and his running mate, Kamala Harris, about the comments made in May.“I shouldn’t have said that,” Biden said. “But I was trying to make the point that this is a man who spent his entire career denigrating African Americans.”Biden went on to argue that he would be a much better ally to the Black community than Trump.“The truth is there’s a fundamental difference between Donald Trump and me on the issue of race across the board,” Biden said. “I’m not going to try and divide people. It’s all about bringing people together.”Biden has relied heavily on the African American vote to secure his party’s nomination, which he officially accepted during last week’s virtual convention.“I wouldn't be here without the African American community,” Biden added when speaking about his support within the Black community in his home state of Delaware. 1819

NEW YORK (AP) — The one-time bookselling giant Barnes & Noble is being acquired by a hedge fund for 6 million.The national chain that many blamed for the demise of independent bookstores has been ravaged by Amazon.com and other online sellers. Independent bookstores have also persisted in the face of digital publishing.The company said in October that it might put itself up for sale after it was approached by a number of potential buyers, including founder Leonard Riggio who opened Barnes & Noble stores across the country and turned it into a superstore.Barnes & Noble said Friday that it's being acquired by Elliott Management for .50 per share, an approximately 9% percent premium to the company's Thursday closing stock price. Elliott bought the U.K. bookseller Waterstones in June 2018.Waterstones CEO James Daunt will also take on the role of CEO at Barnes & Noble.The sale, valued at about 3 million including debt, is targeted to close in the third quarter if approved by regulators and shareholders.Shares of the New York company jumped 11% before the opening bell. 1111

NEW YORK (AP) — President Donald Trump’s former personal lawyer and fixer, Michael Cohen, has been returned to federal prison.The federal Bureau of Prisons told The Associated Press on Thursday that Cohen had “refused the conditions of his home confinement.”Cohen’s return to prison comes after the New York Post caught him on camera eating a Manhattan restaurant.The move comes weeks after the 53-year-old was released in late May to serve the remainder of his sentence at home because of the coronavirus pandemic.Cohen pleaded guilty to tax evasion, campaign finance fraud and lying to Congress and began serving his sentence in May 2019, scheduled to remain in prison until November 2021. 699

NEW YORK (AP) — Stocks fell sharply on Wall Street Thursday as high-flying technology companies took a tumble after months of spectacular gains. The benchmark S&P 500 lost 3.5%, its biggest loss since June, and the tech-heavy Nasdaq fell 5%. Both indexes set record highs a day earlier. Apple, the most valuable U.S. company, slumped 8%. Big Tech companies have made outsize gains this year as investors bet that they would continue posting huge profits, even with many coronavirus restrictions still in place, as people spend more time online with their devices. Some worry those tech companies will be hit hard in a souring US-China relationship and any future tariffs, according to CNN. Treasury yields fell as cautious investors shifted money into bonds. 770

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