Citigroup CEO Jane Fraser, 1 of Fortune‘s Most Powerful Women—and the top pistillate enforcement connected Wall Street—is pushing up with astir 1,000 occupation cuts and has warned unit that “we are not graded connected effort” successful a fiery interior memo mounting a tougher code for 2026. The cuts are portion of a multiyear overhaul that could yet destruct up to 20,000 roles arsenic Fraser demands hard results and an extremity to what she calls the bank’s “old, atrocious habits.”
In the memo, antecedently reported by Bloomberg, Fraser told Citi’s astir 200,000‑plus employees “the barroom is raised” and stressed show volition beryllium judged connected outcomes alternatively than intentions oregon agelong hours.
“We are not graded connected effort. We are judged connected our results,” she wrote, adding she expects “the past vestiges of old, atrocious habits” to vanish arsenic the slope pursues a leaner, much commercially assertive civilization successful 2026. The connection marks 1 of her sharpest interior messages since she took implicit successful 2021, underscoring a displacement from translation readying to execution.
Fraser’s attack besides demonstrates wherefore Fortune contributor Jeffrey Sonnenfeld, the Lester Crown prof of enactment signifier astatine the Yale School of Management, chose the Citi CEO arsenic 1 of his apical performers of 2025. Fraser’s “Project Bora Bora” restructuring resulted successful full-year revenues tracking toward $84 cardinal successful 2025, the highest since 2010, with records for each 5 concern segments successful the past quarter. The latest net 4th saw each 5 concern segments deed quarterly records. The stock’s show ranking, up 67% successful 2025, made it the champion among large U.S. banks, successful a twelvemonth erstwhile Fraser was elected Chair of the Citigroup Board of Directors and was named Euromoney “Banker of the Year 2025.”
1,000 jobs now, 20,000 implicit time
Citigroup is poised to destruct astir 1,000 positions this week, arsenic previously reported by Bloomberg, a determination that follows earlier rounds of layoffs and brings the slope person to a broader program to chopped astir 20,000 jobs by 2026, oregon astir 8% of its planetary workforce, according to radical acquainted with the matter. The reductions are tied to a sweeping restructuring unveiled successful aboriginal 2024 that aims to simplify absorption layers, streamline businesses, and present up to $2.5 cardinal successful outgo savings. Citi has already shed much than 10,000 roles nether Fraser’s overhaul.
Culture reset connected Wall Street
Fraser’s memo signals a taste reset astatine a slope long criticized for lagging down rivals connected profitability and efficiency, and she explicitly called clip connected what she describes arsenic bequest behaviors that dulled Citi’s competitory edge. She urged bankers to follow a much “commercial mindset,” telling unit to “ask for the business,” combat for a “full wallet” with clients, and halt settling for secondary roles oregon missed opportunities.
Automation, AI, and ‘roles nary longer required’
The occupation cuts are being accelerated by investments successful automation and artificial quality that are changing however enactment is done crossed the bank. Fraser told employees and investors arsenic Citi completes much than 80% of its monolithic “Transformation” program, exertion and process simplification volition mean immoderate roles evolve, caller positions look and “others volition nary longer beryllium required.” Outgoing CFO Mark Mason said helium expects headcount to support falling this twelvemonth arsenic AI tools and streamlined processes instrumentality hold, adjacent arsenic Citi continues to prosecute apical endowment successful cardinal areas similar concern banking.
High stakes for 2026
Fraser has framed 2026 arsenic the twelvemonth a “more disciplined, much confident, winning Citi” indispensable afloat emerge, arguing the translation and achy cuts are laying the instauration for stronger, much accordant returns. But the strategy carries precocious stakes: Citi indispensable beryllium to investors the layoffs, exertion spending, and taste shake‑up tin adjacent its long‑standing show spread with Wall Street rivals portion maintaining morale among the unit she is present bluntly reminding that effort unsocial volition not beryllium enough.
For this story, Fortune journalists utilized generative AI arsenic a probe tool. An exertion verified the accuracy of the accusation earlier publishing.
