Citigroup CEO Fraser fights to sell turnaround plan to investors – Reuters

Citigroup CEO Fraser fights to sell turnaround plan to investors – Reuters

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Middle East
  • Date: 15-Jan-2022
  • Source: Reuters
  • Sector: Economy
  • Country: Middle East
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Citigroup CEO Fraser fights to sell turnaround plan to investors – Reuters

NEW YORK, Jan 14 (Reuters) – Citigroup Inc (C.N) Chief Executive Jane Fraser faces a struggle to convince skeptical analysts and investors that she can turn the bank around despite overseeing a radical overhaul in less than a year at the helm.

Fraser took over at the helm of the Wall Street bank in February 2021, tasked with transforming a business whose share price had lagged rivals like JPMorgan Chase & Co (JPM.N) and Bank of America (BAC.N) during her predecessor Michael Corbat’s eight years at the helm.

Since her appointment, she has sought to simplify the firm, overseeing its biggest revamp since the 2007-09 financial crisis. The bank announced plans to exit non-core businesses, including consumer franchises in 13 markets across Asia, Europe, the Middle East and Africa last April.

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