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Bloomberg
  • 17 hours ago
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00:00Jane Fraser has just secured the throne at one of the largest banks in the world.
00:05She was CEO of Citigroup, one of the first women to hold that job at such a big US bank,
00:10and now she is chair as well.
00:11Her story is pretty interesting because she's had to overcome a lot of scepticism
00:15in the four and a half years since she's taken the top job.
00:19Fraser's background wasn't as a banker, but as a McKinsey consultant,
00:24who were people known more for talking a good game
00:26rather than actually playing it and getting stuff done.
00:29A lot of people asked whether she was really suited to take on a turnaround
00:33that had defeated so many previous executives.
00:36There was certainly some sexism behind that as well.
00:39But she has been starting to get results,
00:41and if you look at Citigroup's share price compared to its big rivals,
00:44you can see investors have started to believe in a better future.
00:47Early on, she became known for Jane Fraser days,
00:51but her decision-making has become as hard-nosed as any leader
00:55and certainly more consequential than many of her predecessors.
00:58She's made major hires like these two executives,
01:02ditched weak businesses that the bank should have got out of years before,
01:06and in 2023, she announced a radical overhaul of the bank's bureaucracy
01:11that's meant to sharpen minds and speed up decisions.
01:14That meant thousands of job cuts and a cultural shift
01:18that she readily admitted would make some people very uncomfortable.
01:21Yes, there's lots of work still to do at Citi.
01:24Just look at this chart showing how its returns lag rivals
01:28like JPMorgan, Bank of America and Wells Fargo.
01:30But locking in Fraser for a few more years
01:32looks like a smart way to get it done.
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