Citi’s 5-year comeback: How CEO Jane Fraser turned the bank’s chronic underperformance into decade-high revenue
Citi's CEO Jane Fraser has successfully led a turnaround for the bank, achieving its highest quarterly revenue in a decade. Under her leadership, Citi's stock has risen significantly, and the bank has addressed many of its regulatory issues. However, Fraser now faces the challenge of transitioning from recovery to sustainable growth.
- ▪Citi logged its highest quarterly revenue in a decade in April 2023.
- ▪The bank's stock has increased by approximately 83% since Jane Fraser became CEO.
- ▪Fraser has implemented a strategy to change Citi's culture and improve decision-making.
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In a bubblegum pink bouclé skirt suit, Citigroup CEO Jane Fraser must have felt as if she was speaking into a void as she pitched Wall Street, via livestream, on the future she envisioned for one of the world’s largest banks. Recommended Video It was March 2022. Fraser was a year and a day into her job. She was the first woman ever to lead a major U.S. bank. And Citi was in a bad spot: Its stock had dropped 15% during her tenure, lagging behind the S&P 500’s 10% growth. It was the only big U.S. bank trading below its book value. There also had been a humiliating blunder in which the bank sent $900 million to the wrong place and struggled to get it back.
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