During a recent lunch with Warren Buffett, Citigroup CEO Jane Fraser shared details of her ongoing efforts to streamline the bank’s operations, receiving encouragement from the billionaire investor to continue.
Fraser revealed the anecdote during a conference call with managing directors, hinting at more information about the upcoming reorganization to be disclosed next week.
While Buffett confirmed the lunch, he provided no further details, and Citigroup declined to comment. Fraser’s comprehensive restructuring aims to simplify Citigroup, reduce bureaucracy, and enhance profitability and stock value, marking the bank’s most significant overhaul in decades.
Berkshire Hathaway, under Buffett, made a $3 billion investment in Citigroup in 2022, solidifying its position as a top shareholder. This move echoes Buffett’s previous support for Bank of America during its post-financial crisis rebuilding phase.
Recent reports indicate that Citigroup has further eliminated leadership roles as part of its ongoing reorganization, affecting areas such as markets, risk, and investment banking.
