Citigroup CEO Jane Fraser warns of job cuts and says it's time to raise the bar in memo to staff
Fortune • • general
Key Points:
- Citi CEO Jane Fraser has raised the performance bar for employees, emphasizing that results, not effort or long hours, will be the key measure of success as the bank pursues a leaner, more commercially aggressive culture in 2026.
- Fraser’s "Project Bora Bora" restructuring has driven record revenues and business segment performance, with Citi’s stock up 67% in 2025, making it the best-performing major U.S. bank this year.
- The bank plans to cut about 1,000 jobs this week as part of a broader strategy to eliminate roughly 20,000 positions by 2026, aiming to simplify management, streamline operations, and save up to $2.5 billion.
- Job reductions are
