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Citigroup CEO faces growth challenge as overhaul rattles employees

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Bank,Citi,Fraser

Citi will report its first quarter earnings on April 12 and hold a virtual shareholders meeting on April 30

The logo for Citi bank is seen on the trading floor at the New York Stock Exchange, in New York, on Aug. 3, 2021.investors have rewarded CEO Jane Fraser with a share price boost after Fraser announced a sweeping overhaul of Citi ’s sprawling structure in September, cutting costs by laying off 5,000 employees. Next, they want to see growth in wealth management and investment banking.

“We are confident the bank can control expenses after the reorganization,” and it has strong growth prospects in corporate banking, he said. The outlook for Citi is improving because of its job cuts, the quality of its loan portfolio and its reduced exposure to paper losses on securities, said Ian Lapey, a portfolio manager at Gabelli Funds, which oversees $30-billion and owns Citi shares.

The lender’s biggest challenges are improving profits in banking and wealth management, according to Nerby at Moody’s. “Outsiders are what Citigroup needs now to really bring change,” said Bank of America analyst Ebrahim Poonawala.

Source: News Formal (newsformal.com)

Bank Citi Fraser Business Company Cent Overhaul Deposits KBW FDIC Moody 'S

 

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