Citigroup CEO Jane Fraser warns of job cuts and says it's time to raise the bar in a fiery memo to staff: 'we are not graded on effort' | Fortune

"In the memo, previously reported by Bloomberg, Fraser told Citi's roughly 200,000‑plus employees "the bar is raised" and stressed performance will be judged on outcomes rather than intentions or long hours. "We are not graded on effort. We are judged on our results," she wrote, adding she expects "the last vestiges of old, bad habits" to disappear as the bank pursues a leaner, more commercially aggressive culture in 2026."

"Fraser's " Project Bora Bora" restructuring resulted in full-year revenues tracking toward $84 billion in 2025, the highest since 2010, with records for all five business segments in the last quarter. The latest earnings quarter saw all five business segments hit quarterly records. The stock's performance ranking, up 67% in 2025, made it the best among major U.S. banks, in a year when Fraser was elected Chair of the Citigroup Board of Directors and was named Euromoney "Banker of the Year 2025.""

"Citigroup CEO Jane Fraser, one of Fortune's Most Powerful Women-and the top female executive on Wall Street -is pushing ahead with about 1,000 job cuts and has warned staff that "we are not graded on effort" in a fiery internal memo setting a tougher tone for 2026. The cuts are part of a multiyear overhaul that could ultimately eliminate up to 20,000 roles as Fraser demands hard results and an end to what she calls the bank's "old, bad habits.""

Jane Fraser is pushing a multiyear overhaul at Citigroup that begins with about 1,000 planned job cuts and could eliminate up to 20,000 roles over time. Fraser has raised performance standards, telling 200,000-plus employees that 'the bar is raised' and emphasizing outcomes over effort. She wrote that employees are 'not graded on effort' and 'are judged on our results,' and she expects 'the last vestiges of old, bad habits' to disappear as the bank pursues a leaner, more commercially aggressive culture in 2026. Project Bora Bora drove full-year revenues toward $84 billion in 2025, with records across all five business segments and a 67% stock gain.

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