Rodgin Cohen, senior chair at Sullivan and Cromwell, joins 'Squawk on the Street' to discuss his thoughts on Citi naming Jane Fraser CEO, making her the first woman to run the mega bank. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi Citigroup CEO Michael Corbat said Thursday he is retiring in February after eight years leading the bank, and that retail banking chief Jane Fraser will succeed him, making her the first female CEO of a major U.S. bank. The move by Corbat, 60, finalizes a management overhaul that had been underway at the third-largest U.S. bank by assets. Last year, Jamie Forese, Citigroup’s then-president, announced he was stepping down after three decades at the bank, which followed the departures of the bank’s longtime chief financial officer and a pair of regional heads. During his tenure, Corbat helped to improve a global financial institution that was still hobbling after the 2008 financial crisis. But insiders have pointed to a potential strategic error made by the bank: Unlike rivals JPMorgan Chase and Bank of America, Citigroup didn’t expand its U.S. deposits base with physical branches, giving those firms a distinct funding advantage. Citigroup shares have climbed 42% during Corbat’s tenure starting in October 2012, compared with the 141% increase of JPMorgan shares in that period. Citigroup’s stock price was little changed after the announcement. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC For info on the best credit cards go to CNBC Select: https://www.cnbc.com/select/best-credit-cards/ #CNBC #CNBCTV