Citigroup's CEO Jane Fraser Implements Uncomfortable Changes and Job Cuts to Narrow Gap with Rivals

Citigroup CEO Jane Fraser is implementing significant changes to the bank in an effort to boost its stock performance. The restructuring aims to flatten hierarchies, accelerate decision-making, and increase accountability. While the number of job losses remains undisclosed, Fraser acknowledged that the changes would be uncomfortable for many employees. Citigroup's stock has underperformed compared to its rivals, and Fraser is determined to narrow the gap. The bank's strategy includes focusing on global trade flows and expanding its wealth management division. The reorganization seeks to address Citigroup's inefficiency in cost management. The changes involve the creation of five business lines and the addition of new executive management members to Fraser's team.