Fraser has been busy downsizing Citi since she came on board. In 2021, Citi announced the sale of its retail business in 14 markets in Asia, the Middle East and Europe. Citi had said the sale would release US$7 billion “of allocated tangible common equity over time”.
Jane Fraser was appointed CEO of Citigroup in March 2021, a challenging time during the pandemic that ravaged the world. On Jan 12, Citi reported a net loss of US$1.8 billion ($2.4 billion) in 4QFY2023 ended December 2023, taking net profit in FY2023 down 38% to US$9.22 billion.
In a statement, Fraser said: “We grew our revenues ex-divestiture by 4% [y-o-y] and met our full-year expense guidance. We increased our CET1 ratio to 13.3%. Tangible book value rose 6% [y-o-y] US$86.19 and we returned US$6 billion to shareholders in common dividends and share buybacks.”
