Citi CEO Warns of More Job Cuts, Calls Time on ‘Old, Bad Habits’

Jane Fraser is calling time on Citigroup Inc.’s laggard culture.

In a punchy memo to the bank’s employees on Wednesday, the Wall Street chief executive told her 226,000 staff that the “bar is raised,” while also signaling further job cuts to come this year.

“We are not graded on effort,” Fraser wrote in the note seen by Bloomberg News. “We are judged on our results. And I expect to see the last vestiges of old, bad habits fall away, and a more disciplined, more confident, winning Citi emerge in 2026.”

Citigroup CEO Jane Fraser

Photographer: Lauren Justice/Bloomberg

Fraser has pushed the bank’s staff to knuckle ...