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HomeFinance NewsCitigroup CEO Issues Stern Warning to Employees Amid Job Cut Discussions

Citigroup CEO Issues Stern Warning to Employees Amid Job Cut Discussions

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Citigroup CEO Jane Fraser recently delivered a strong message to the company’s employees, stating that it is time for them to “deliver the change or get off the train.” This message comes after Fraser announced the largest restructuring in the bank’s history in over 15 years. With these changes, Fraser aims to simplify the bank and boost its stock, as she takes on the challenge of making it less risky and more profitable. In a townhall meeting, Fraser emphasized the high ambitions for the bank and urged employees to lean in and help deliver the necessary changes.

Although the exact number of job cuts has not been disclosed, Fraser’s restructuring plan has caused concern among employees. Several senior executives have already left the company, including Eduardo Cruz, who headed Citi’s Latin American investment banking operations. Fraser defended her decisions, stating that they are necessary for the bank’s shareholders and that they may not be universally popular within the organization. This sweeping reorganization is part of Fraser’s strategy to improve profits and streamline the bank since taking on the role of CEO.

Despite previous efforts such as selling businesses and addressing regulatory issues, Citigroup’s stock price has remained behind that of its peers. The bank is still working to address deficiencies in its internal controls outlined in a 2020 consent order from regulators. Fraser’s leadership and the restructuring plan are crucial steps in revitalizing the bank and positioning it for success in the future.

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