Citigroup CEO Jane Fraser has sent a strong message to the bank’s 240,000 employees, emphasizing the need to “hand over the change or get off the wagon,” according to a Financial Times report.
This directive follows Fraser’s announcement of the biggest restructuring initiative the bank has seen in 15 years.
The main goal of the restructuring is to simplify Citigroup’s operations and boost its stock performance, giving Fraser greater control over the company’s direction. Since he took the helm of the third-largest US bank in 2021, his primary mission has been to minimize risk and bolster profitability.
The Financial Times reports that during a recent public meeting, Fraser told employees:
“…We have extremely high aspirations for our bank, and the train is ready to accelerate quickly… So lean in, help us win with customers, help us make the changes, or get off the train.”
Fraser has not disclosed the specific number of planned job cuts, but his restructuring efforts have left employees unsure about their future.
In response to reports about its sweeping reform plan, the Financial Times reports that several senior executives, including Eduardo Cruz, who led Citi’s investment banking operations in Latin America, have left the company.
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Fraser has focused on increasing profitability and streamlining the bank’s operations since taking over.
Despite efforts to sell businesses and address regulatory concerns, Citigroup’s stock performance has lagged behind its rivals.
Citigroup is still grappling with a consent order from regulators issued in 2020, requiring the bank to address multiple “persistent deficiencies” in its internal control systems.
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Source: vtt.edu.vn