¡®Deliver The Change Or Get Off The Train¡¯: Citigroup CEO Warns Staff With A Stern Message

Citigroup's CEO, Jane Fraser, has delivered a solid message to the bank's 240,000 employees, emphasizing the need to "deliver the change or get off the train," according to a report by the Financial Times.

This directive comes in the wake of Fraser's announcement of the most significant restructuring initiative the bank has seen in 15 years.

The restructuring's primary goal is to simplify Citigroup's operations and boost its stock performance, granting Fraser greater control over the company's direction. Since taking the helm of the third-largest U.S. bank in 2021, her primary mission has been to minimize risk and bolster profitability.

The Financial Times reports that during a recent town hall meeting, Fraser communicated to the employees,

¡°¡­We have extremely lofty aspirations for our bank, and the train is set to accelerate swiftly... So lean in, help us win with clients, help us deliver the changes, or get off the train.¡±

Fraser hasn't revealed the specific number of job cuts planned, but her restructuring efforts have left employees uncertain about their future.

In response to reports about her extensive overhaul plan, the Financial Times reports that several senior executives, including Eduardo Cruz, who headed Citi's Latin American investment banking operations, have left the company.

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Fraser has been focused on boosting profitability and simplifying the bank's operations since taking charge.

Despite efforts to sell off businesses and address regulatory concerns, Citigroup's stock performance has lagged behind its rivals.

Citigroup is still dealing with a consent order from regulators issued in 2020, mandating the bank to address multiple "persistent deficiencies" in its internal control systems.

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