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Citi CEO Raises Bar: Results, Not Effort, Now Count
16 Jan
Summary
- Citigroup CEO demands strict accountability, focusing on results.
- Bank is undergoing significant job cuts as part of transformation.
- AI and automation are increasingly impacting employee roles.
Citigroup CEO Jane Fraser has warned employees that the bank is moving beyond its restructuring phase into an era of strict accountability, demanding tangible results instead of effort. In a recent internal memo, Fraser urged staff to adopt a "winning mindset" and a more aggressive commercial approach. This directive aligns with the bank's ongoing transformation, which is nearing its final stages and focusing on re-engineering core processes for greater efficiency.
The "Transformation" program, with 80% now complete, is also accompanied by significant workforce reductions. Approximately 1,000 jobs were reportedly cut in early 2026 as part of a larger plan to eliminate 20,000 roles by the end of 2026. These cuts are directly linked to increased technological efficiency, with AI and automation taking over manual tasks.
Fraser, who became the first female CEO of a major Wall Street bank in March 2021, has been tasked with simplifying Citigroup's complex structure and closing its valuation gap with competitors. The bank is targeting a Return on Tangible Common Equity (RoTCE) of 10-11% by 2026, a goal Fraser believes will require renewed discipline and confidence.
