Jane Fraser, chief executive officer of Citi, has implemented a significant overhaul of the bank’s management structure and operations in an effort to boost performance and simplify the organization. Since assuming the role of CEO in March 2021, Fraser has focused on leveraging the bank’s core strengths while divesting from less aligned businesses.

Fraser’s strategy involved dismantling the traditional matrix-style management system that had been in place for decades. Under the new structure, the leaders of Citi’s five main divisions—markets, investment banking, transaction services, wealth management, and U.S. personal banking—report directly to her. This reorganization aims to clarify accountability and foster a more unified corporate culture.

As part of the restructuring, Citi has exited retail operations in 14 countries, maintaining only its Mexican unit, Banamex, where approximately 30,000 employees remain. The global workforce presently stands at around 220,000, down by roughly 20,000 since Fraser joined the bank in 2004. In the United Kingdom, Citi employs about 10,000 people in London, more than 4,000 in Belfast, and several hundred in Edinburgh.

Fraser’s leadership comes at a critical time for Citi, which has struggled to match the financial returns of its main competitors since the 2008 financial crisis. The bank’s valuation peaked near $800 billion before the crisis, but it required a government bailout and has since faced challenges in regaining its former status. Under Fraser’s tenure, Citi’s market capitalization has nearly doubled to approximately $230 billion, though it continues to lag behind peers in return on equity, an important measure of profitability for shareholders.

Industry analysts have noted the impact of her management changes. Mike Mayo, a banking analyst at Wells Fargo, remarked that the previous matrix structure resulted in diffuse accountability, while the new arrangement creates clearer lines of responsibility. Fraser herself has described the bank as more focused and collective, with a culture that is “hungrier” and “a bit scrappier” than before.

Fraser, who was born in Scotland and spent her youth near St Andrews before moving to Australia, progressed through roles at Goldman Sachs and McKinsey before joining Citi. Now based in New York, she travels frequently to global offices and recently toured the bank’s flagship 42-storey building in London’s Canary Wharf, which is undergoing a £1 billion refurbishment set to be completed next month.

While acknowledging the demands placed on staff during the transition, Fraser said client feedback has been positive, with customers perceiving Citi as more confident and collaborative. She emphasized the need for continued improvement, noting that competitors are also advancing. “We’re going to have to make sure we continue to up our game,” she said, while expressing confidence in the team’s ability to execute the bank’s renewed strategy.