Keep pulling the thread on Jane Fraser.
Upon becoming CEO, Jane Fraser assessed that Citi was underperforming its rivals, such as JP Morgan, in efficiency and profitability.
As CEO, Jane Fraser's strategy for Citi involved divesting all locally-defined businesses, such as retail banking and local credit cards, to focus exclusively on businesses that can operate on global platforms.
In 2023, Citi launched a major restructuring project that eliminated four management layers, including the layer directly beneath the CEO.
As part of its 2023 restructuring, 50,000 Citi employees were assigned new managers within a three-month period.
Jane Fraser believes the world is transitioning from a period of American dominance to a multipolar world where China is already more advanced than the U.S. in many industries.
Citi moves approximately $5 trillion in transactions per day, a volume larger than the GDP of Germany.
Citi currently moves billions of dollars in tokenized deposits for its clients, merging fiat currency with tokenized assets on its blockchain platform.
Citi's operations in Ukraine are critical for the country's economy, handling multinational payrolls, supply chain financing, and the Visa and Clearstream networks.
When Jane Fraser took over Citi Private Banking in 2009, the division was losing $250 million a year.
Citi processes transactions for 5,000 multinational corporations, handling services like payroll, supply chains, and cash management.
Jane Fraser believes there is a global "race for scale" in which Europe is struggling, while the United States and China are winning.
Jane Fraser believes AI cannot replace the human element of trust and relationship-building required for advising CEOs on major strategic decisions like transformational mergers.