Citigroup (C) CEO Jane Fraser is putting her own stamp on the nation’s third-largest bank with a reorganization that she called the “most consequential” change to how Citi operates in nearly two decades, warning that it may make some within the company “very uncomfortable.”
Fraser, who took the top job in early 2021, is trying to boost Citi’s lagging stock performance. Since the beginning of January, it has fallen 7.6%. Over the last five years, the stock has fallen 40%, putting Fraser behind her other big bank rivals.
The changes announced Wednesday eliminate a structure that had split the company into two main divisions housing its consumer and institutional operations. Instead, the people in charge of the company’s five main business lines will report directly to Fraser.
Fraser, as part of her effort to simplify the giant bank, has also been shedding international consumer…
