Citigroup's Rehab Means Fewer Managers
As a global banking supermarket, the company suffered a lack of focus, but the CEO Jane Fraser's vision is gaining a following.
Jane Fraser, chief executive officer of Citigroup Inc., demands a sharper focus.
Photographer: Valerie Plesch/Bloomberg
Cutting layers of management can make a company faster and cheaper to run. For Citigroup Inc., this is just one part of its interminable quest to close its yawning stock valuation gap with rivals.
The lender flagged this month that it won’t directly replace respected veteran executive Paco Ybarra when he retires from the bank. The heads of three divisions he ran under the institutional clients umbrella could end up reporting directly to Chief Executive Officer Jane Fraser instead, the Financial Times reported this week.