Citigroup CEO Fraser Overhauls Company, Cuts Jobs to Boost Accountability and Decision-Making
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Citigroup CEO Jane Fraser has initiated major changes to flatten hierarchies, speed decisions, and drive accountability.
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The changes will lead to job losses, though Citi hasn't specified how many. Fraser said they will be "very uncomfortable."
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Citi aims to capitalize on its global footprint, but its stock price has fallen over a third under Fraser.
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Fraser acknowledged Citi is "underestimated" and the changes are the most "consequential" in 20 years.
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Citi exited 13 markets under Fraser and is now focused on global trade financing and wealth management.
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Rivals like JPMorgan and BofA have larger U.S. retail operations, a source of cheap, stable funding.