Citigroup CEO urges bold change, challenges staff to embrace transformation

Fraser appears to be determined reshape Citigroup and help it achieve its full potential, emphasising exceptional client service

Jane Fraser, CEO, Citigroup is determination to give Citigroup a new shape and she wants full cooperation from the workforce. In a message to the bank’s 2,40,000 employees, she has clearly stated that they should be ready to embrace the sweeping changes she’s implementing or just consider moving on. This comes after Fraser announced significant organisational adjustments on 13 September 2023, to streamline Citigroup’s structure and operations.

While previously projecting an approachable image, Fraser’s recent message signals a shift in tone as she takes decisive steps to reshape the bank. Her  recent announcement outlined plans to eliminate complexity within the institution and make processes simpler, emphasising a commitment to achieving full potential. The objective is to ensure excellent client service, and synergise its businesses to meet transformation goals.

During a recent town hall meeting, Fraser urged the workforce to support her and the bank in this  ambitious mission.

Fraser is clearly determined to transform Citigroup, gain more control over daily operations, and make it more profitable even while reducing risk.

However, no specific details regarding job cuts and cost reductions are available amidst all this talk of rehaul.

Many senior executives have begun to leave Citigroup since the announcement of these changes, and this trend is expected to continue. In the UK, employees received a memo hinting at an upcoming review process that may lead to role reductions, although precise figures were not provided.

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