Citigroup CEO Jane Fraser, who is attempting to bring in sweeping changes in the organisational structure of the global bank, has a strong message for the company's 2,40,000 employees.
Fraser, the first female CEO in the history of the bank and the first-ever woman to run a major Wall Street bank, who intends to bring in the organizational overhaul by making "bold decisions to meet commitments to all stakeholders" asked the employees to "get on board" or "get off the train."
Fraser, who had, earlier this month, said the changes that she plans to bring will "eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service and strengthen the ability to benefit from the natural linkages that exist amongst our businesses," told the employees at a town-hall meeting recently that the group has "incredibly high ambitions."
“Get on board. We have incredibly high ambitions for this bank and, the train, it’s gonna move fast,” she was quoted as saying, adding, “So lean in, help us win with clients, help us deliver the changes, or get off the train.”
While Fraser hasn't come out with the number of employees who may be asked to leave, a recent memo to UK employees of the bank on "reduction in roles" has expectedly caused some distress among employees. “It’s kind of consuming everyone internally. Everyone’s wondering how it affects their business,” Financial Times quoted a Citi group employee as saying.
Fraser had recently told investors in New York that the company has taken some "hard, consequential, tough decisions" that are "going to make some of our people very uncomfortable." "I am absolutely fine with that ... It is absolutely the right thing to do for our shareholders," she had said.
