Jane Fraser tells Citi staff ‘we are judged on our results’ as AI reshapes jobs

Citi is leaning harder into performance targets and automation as it moves past the heaviest phase of a multiyear restructuring, in a shift that observers say could ripple through Wall Street talent markets.

In a memo to more than 200,000 employees on Wednesday titled “The bar is raised,” Citi CEO Jane Fraser told staff she wants a sharper commercial focus and less tolerance for legacy behaviors.

“Every one of us has to adopt a more commercial mindset: asking for the business, competing for the full wallet, and not settling for a secondary role or missed opportunity,” Fraser wrote in the note, first reported by Bloomberg, emphasizing that “we are not graded on effort. We are judged on our results.”

The message comes as Citi sticks to a plan announced in early 2024 to eliminate as much as one-fifth of its workforce over three years. The job cuts sit inside a broader “Transformation” program aimed at upgrading aging technology and simplifying sprawling businesses. At the time the initiative was laid out, the bank projected it would lead to about $2.5 billion in cost savings.

Fraser signaled that the technology push will continue to reshape how work is done and who does it.

“Over time, we can expect automation, AI and further process simplification to reshape how work gets done — some roles will change, new ones will emerge and others will no longer be required,” she wrote.

For advisors watching headcount trends at the big banks, that emphasis on automation may translate into more pressure on support and midlevel roles, while specialist and revenue-facing positions become more prized.

Citi said more than 80% of its Transformation effort is complete, but the finish line does not mean job reductions are over. The bank expects additional role cuts as it retires legacy systems and consolidates functions, and was set to eliminate about 1,000 jobs this week, according to multiple media reports.

Outgoing chief financial officer Mark Mason tied the staffing trend directly to technology investments, telling reporters he would “expect to see head count continue to trend down” this year.

“As we make progress on our Transformation, we’ll see that cost and headcount come down as we continue to improve productivity and tools like AI,” he said.

Despite the push towards a leaner organization, Citi's business is not simply shrinking. The bank reported roughly $85 billion in 2025 revenue during its Wednesday earnings call, up about 6% year over year, with investment banking and advisory fees posting double-digit gains.

Over the years, Fraser has recruited senior leaders from rivals, including former JPMorgan dealmaker Viswas Raghavan and ex-Merrill executive Andy Sieg, who recently faced a probe into alleged HR improprieties. More recently last year, the bank announced two senior executives, Christine Curtiss from BNY and Kate Boucher from Goldman Sachs Asset Management, joining its wealth management arm.

On the earnings call, Fraser said that “with much of our Transformation behind us, we are shifting our focus to how we can use AI tools and automation to further innovate, re-engineer, and simplify our processes beyond risk and controls.”