Citi CEO Announces Higher Performance Standards for Staff

Citi is adjusting its corporate strategy under the leadership of CEO Jane Fraser. In a recent memo, she outlined higher performance standards for all employees, emphasizing a competitive and results-driven culture.

Higher Expectations at Citi

Fraser’s memo, entitled “The bar is raised,” was directed towards over 200,000 employees. She highlighted the necessity of adopting a commercial mindset. Employees are urged to actively seek business opportunities and not to accept subpar results.

• “We are not graded on effort. We are judged on our results,” Fraser stated.
• She anticipates that outdated habits will dissipate, fostering a more disciplined workforce by 2026.

Cost-Cutting Measures and Job Reductions

Citi is committed to a transformation plan initiated in early 2024, which includes reducing approximately 20,000 jobs over three years. This initiative aims to enhance operational efficiency and upgrade outdated technology.

• The bank expects to save $2.5 billion from these job cuts.
• Fraser noted that over 80% of the transformation’s goals have been achieved.

Integration of Artificial Intelligence

Fraser also mentioned the significance of automation and AI in reshaping the workforce. As tasks become automated, some roles may diminish, while new opportunities will arise.

Mark Mason, the outgoing chief financial officer, indicated that the firm is actively investing in AI. He confirmed ongoing job reductions as AI adoption increases productivity.

Citi’s Financial Performance

The bank reported approximately $85 billion in revenue for 2025, reflecting a 6% increase from the previous year. Notable financial highlights included:

• Investment banking fees totaling nearly $1.3 billion, marking a 10% rise from the previous quarter and a 35% year-over-year increase.
• Advisory fees reaching around $650 million, more than 80% higher compared to the same period last year.

Leadership Changes and Future Outlook

To navigate the ongoing transformation, Fraser has recruited high-profile executives from major firms. These appointments aim to strengthen both investment banking and wealth management sectors.

Fraser remains optimistic about the future, stating, “We’re going to continue to bring in top talent to fill in remaining gaps” in key areas, particularly in North America.