"In a memo to employees last week, Fraser told Citi's more than 200,000 workers that "the bar is raised" and that it was time to ditch bad habits. When Fraser took over as Citi's chief executive in 2021, the bank was under intense scrutiny - bogged down by regulatory pressure, dated and weak technology, and investor doubts about whether it could still compete with Wall Street's most established names."
"Brian Mulberry, a portfolio manager at Zacks Investment Management, offered a sports analogy. "If Jane Fraser is the quarterback, you need really strong skill positions - the receivers and running backs - to carry the ball over the goal line. These are the five-star recruits you'd want on that team," he told Business Insider. "They're now on offense.""
Jane Fraser signaled a shift from remediation to competition and set a higher standard, urging employees to ditch bad habits. When Fraser became CEO in 2021, Citi faced intense scrutiny from regulators, weak technology, and investor doubts about competitiveness. Stock performance has improved substantially, rising about 40% over the past year and more than 80% over five years. Three senior hires—Viswas Raghavan (banking), Andy Sieg (wealth management), and Tim Ryan (technology)—are central to growth and operational rebuilding. Their advancement has spurred quiet succession chatter, though Fraser has given no indication she plans to step aside.
Read at Business Insider
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