Jane Fraser Warns Citi Staff: More Job Cuts Ahead as Performance Expectations Rise
In an internal memo sent to Citigroup’s 226,000 employees, Chief Executive Officer Jane Fraser warned that additional job cuts are expected later this year, as the bank continues its restructuring efforts and raises performance expectations.
According to Bloomberg, Fraser told employees that the “bar has been raised,” stressing that performance at Citi will no longer be measured by effort, but by tangible results.
In the memo, Fraser wrote: “We are not judged on our effort, but on the results we deliver. I expect the last vestiges of old, bad habits to disappear, and for Citi to emerge more disciplined, more confident, and with a winning mindset by 2026.”
Fraser also urged employees to push harder to meet profitability targets and improve returns for investors, many of whom have suffered significant losses as Citi has struggled to recover from the 2008 global financial crisis.
The message comes as Citigroup continues to roll out a broad restructuring program aimed at streamlining operations, cutting costs, and improving returns, as the bank seeks to strengthen its competitive position and rebuild investor confidence in the years ahead.
