Jane Fraser’s Post

Why Citi neither its CEO have said nothing about: "Citi hit by new Fed rebuke, setbacks on consent orders " "Separately, Citi's internal audit unit said more work was needed in at least one instance to address problems previously raised by regulators, according to an email seen by Reuters. The work was in response to enforcement actions, called consent orders, that date back to October 2020." "The finding of Citi's internal audit unit relates to a "corrective action plan" by the bank to address an issue that appears in both consent orders, calling for the leadership to have better oversight of the bank, the email showed." "In December, the internal audit unit found some of the work done to improve risk management across the bank to be inadequate, according to the email. The audit unit also found that Citi failed to meet a requirement that it have procedures in place to ensure the board and senior management receive comprehensive reports about risks across the company, the email showed." by Reuters: https://lnkd.in/eptrGg-u See 2 FOIAs role played by tips shared between US agencies Oct 2020 OCC-FEDRESERVE 400M fine and 3 consent orders NOT complied until today by Citi: https://lnkd.in/eYE4Uy45 https://lnkd.in/gyAx8qpy

Citi #DEI #Diversity #lifeatciti #citiemployees #CitiDiversity #EmpowerChange I do have to say that Citi is the most diverse place I have worked at. They truly embody diversity in every form. We have people from all different parts of the globe at all different levels at the firm. Opportunities are not limited because of location or first language. It is inspiring to see people who look like one, has accent like one in senior leadership positions because that tells us that race, color, sexual orientation, location nothing is in the way if you have the skill set and talent. In this environment, it is actually difficult to feel sorry for oneself and say that I cannot do something because of any external factors...the field is open and sky is the limit if one has passion and talent. Whilst other companies are just getting on with DEI program, Citi is way ahead showing how it is done in a meaningful and truly impactful manner.

After buying Commercial Credit, Sandy Weil and Jammie Dimon went on to obtain Premerica to form Citi Group. The main issue is that upon launching Citi Group, CEOs, Sandy Weil and Mr John Reed went to we greet customers and employees to let them feel welcomed to a new company formed and to stamp thier hopes of a more prosperous future in the company. It is curtain that employees and customers felt great and honoured by the actions of these two CEOs of the newly formed company then. Today, how many CEOs have ever been seen coming in bank hall, in the retail hall, or the office to greet customers and employees on thier day of report for work? Customer service and experience is only being talked about in class and certifications but not on ground. From day one, we'll become CEOs and let's not forget this. Change comes with us. #customerexperience #customerservice

Citi Group is a 2-century-old entity and was at one point the largest issuer of credit cards. It was bigger than JP Morgan and Bank of America before the financial crisis of 2007. They haven't been able to recover from the financial crisis and have decided to make a strategic change. Today, it is the 11th largest bank globally in terms of assets with $2.4 tn.  In 2021 they exited 13 markets across Asia, the Middle East and Europe. India was one of them. It sold its consumer business arm to Axis Bank. These 13 markets accounted for 33% of the company's revenue. In 2022 it departed from Mexico as well. They shifted from quantity vs quality by moving to a simpler model - from retail banking to wealth management. #citibank #banking #wealthmanagement

During Citi ‘s 2024 Investor Day held on June 18, the chief focused on Services business, including Treasury and Trade Solutions (TTS) and Securities Services. Citi ‘s CEO, Jane Fraser along with CFO Mark Mason and Head of Services Shahmir Khaliq provided updates on the company's strategy and future direction. The event emphasized Citi ‘s commitment to enhancing its role as a leading global bank for institutions with cross-border needs and a leader in #wealth management. Key outcomes from the event included: 1. Strategic Focus - Citi reiterated its goal to be the top #banking partner for institutions requiring #crossborder services, and to maintain leadership in #wealthmanagement and personal #banking in the U.S. market. 2. Growth Initiatives - Detailed plans were shared on how Citi aims to expand and #innovate within its Services segment, leveraging its global network to provide comprehensive solutions to clients 3. #OperationalEfficiency - Citi highlighted efforts to improve operational #efficiency and deliver higher returns on investments through strategic #technology enhancements and process improvements. Overall, the event reinforced Citi’s strategic priorities and commitment to growth in key business areas, aiming to enhance shareholder value through targeted initiatives and operational #excellence. #CitiProud #LeadershipAtCiti #BeTheBestForOurClients #CitiCareers #LifeAtCiti #ProgressMakers

After closing 5 consumer markets in 2022, 2 markets in 2023, and investing in Global wealth management, Citi’s wealth management revenue fell 5% year over year during the second quarter of 2023. When will this strategy finally pay off? The recent closure of the Taiwan consumer market might result in the release of 1.2 billion capital previously committed under local regulations. Will the closures not affect its reputational dominance in intermediary and correspondence relationships for global USD transfers with other banks? Citibank is still struggling and it all started when its dominance came to a devastating collapse during the 2008 recession. Ever since, it has not fully recovered and its shares have experienced a 30% drop over the last 5 years. Besides the survival from the 2008 crisis after the bailout of around 300 billion dollars from the federal government, it’s now the number 4 largest bank in the US. In 2021 CITIGROUP appointed new CEO Jane Fraser and her first priority was to improve the bank’s return on equity and the strategy was to reduce operational complexity through closing consumer banking in 14 markets including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam to refocus on their core US business and global wealth management. 

So, what were doing Citi & its Administration Chief Officer Karen B. Peetz ( hired mid 2020 until was removed mid 2023? ) CCO ( who sold joinlty with Citi HR Head and Citi CEO Latam its Citi stocks mid 2022 for 69 and 62usd - while was 79 in 2020 to 41 today?) lately Paco Ybarra leaving surpresely on Citi's storm, as "High executive in charge of Mexico Unit deal fully failed" and blocked by US agencies working now, and Audit Head jointly removed mid 2022 casually at same time Citibank NA Chief Risk Officer discharged ( particularly 3 months before Citigroup's CEO and Board were reprimanded by Office of the Comptroller of the Currency - Federal Reserve Board " frustrated " watching How Citi did nothing ( after Oct 2020 enforcement 400M fine and 3 consent orders NOT solved ) for long standing deficiencies, data customers funds tracking, moneylaundering 2013, 2015 and 2018 ( also U.S. Department of Justice U.S. Department of Justice, Criminal Division Lisa Monaco DAG and Kenneth Polite tenure -MLARS NPA " #criminal facts admitted facts by Citi " May 2017 breached in full force until May 2022? ) consent orders violated, forex business violations, and escalation of internal complaints filled by employees fired or forced to resign as a key wistleblower executive forced to resign in 2014, when Mike Corbat former CEO and General Counsel Rohan Weerasinghe were fully informed since Nov 2014 but Citi choose spend millions in legal fees with Littler to block, confuse, intimidate and threating key witness to delay New York Trial/Hearing on SOX lawsuit against Citigroup. See Perez V. Citigroup, 2015-SOX-00014, 2017-ARB-00031, Paul, Weiss, Rifkind, Wharton & Garrison LLP was also informed fully ( mails availables ) by a key witness on risk in Miami 2019 offering his cooperation under DOJ-MLARS NPA scope but Paul Weiss Chair ignored that, and probably neither inform to Citi this fact, should confirm it by current Citi General Counsel ( as former US Treasury official as also is Kenneth Blanco, former AG Criminal Division Assistant who then was FinCEN’s Director and managed NPA May 2017 criminal moneylaundering violations, closing BanamexUSA for funds transfered from US to Mexico ( through today fully failed Citibanamex Citibanamex Seguros Citibanamex Patrimonial Citi Private Bank for more than 9B opaque Life Insurance Business sold to BlackRock in 2018 ) A full 9 pages " timeline " as circumstantial material evidence of list of Citigroup high levels key executes discharged as perfect "clean up" by Corbat and Fraser to hide evidence of Citi's global moneylaundering culture, misleading shareholders and regulators-agencies, harming investors with more than -50% los acumulated last 3 yrs under current Citigroup messly management. Here useful links to understand Citi business culture transformation fake plan (units sale blocked Mexico & Russia) see links in #comments Reuters Forbes México KPMG US KPMG México American Banker The New York Times CNBC Fox News Media

Day 29 | #ReasonsToJoinCiti 29 At Citi, we are committed to creating solutions that are simple, creative, and responsible. In today’s fast-paced world, simplicity is key. At Citi we strive to develop straightforward solutions that make banking easier for our clients. Our goal is to streamline experiences and provide clarity, ensuring that our services are accessible and user-friendly. #Creativity drives #innovation. We leverage cutting-edge #technology and out-of-the-box thinking to create unique #solutions that address the evolving needs of our customers. Responsibility is at the core of everything we do. We are dedicated to #ethical practices, #sustainability, and making a positive impact on our #communities. Our solutions are designed with a long-term perspective, ensuring they are beneficial not just for today, but for future generations. Together, these principles guide us in delivering exceptional service and making a difference. Proud to be part of a team that values #simplicity, #creativity, and #responsibility! #LifeAtCiti #CitiCareers #CitiProud #BeTheBestForOurClients #Belongingness #CustomerFocus

After delivering record profits in 2023, we had another strong performance in the first half of 2024 – further evidence that our strategy is working. Highlights of our Interim Results 2024 - Profit before tax: $21.6bn - Revenue: $37.3bn - Return on average tangible equity: 21.4% - Dividend per share for 2024: $0.10 - Further share buyback up to $3bn We delivered a strong profit performance in the first half of 2024 and we’re confident we have the right strategy and model to grow revenue, even in a lower interest rate environment. #HSBC HSBC HSBC Innovation Banking Noel Quinn David Liao Surendra Rosha Bob Hoyt Jon Doyle Ben Eason

Citi announced significant changes to its organizational model that will fully align its management structure with its business strategy and simplify the #bank. The new, flatter structure elevates the leaders of Citi ’s five businesses and eliminates management layers, which will speed up decision making, drive increased #accountability and strengthen the focus on clients. Simplifying the organization will also advance the execution of Citi ’s #Transformation, the firm’s top priority. Over the past three years, Citi has implemented a strategy to be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market. This announcement is the next logical step in Citi’s work to implement the plan it presented at its 2022 Investor Day and deliver its medium-term targets. Citi has been executing a focused strategy for its five interconnected businesses, made rapid progress on exiting its consumer franchises outside the United States, and continues to strengthen its risk management and controls. The new model will simplify the bank in a number of ways, including eliminating the Personal Banking & #Wealth Management and Institutional Clients Group management layers, as well as the existing regional layers in Asia Pacific, Europe, Middle East and Africa, and Latin America. #CitiCareers #LifeAtCiti #CitiNews #BeTheBestForOurClients #Change #HumanBank