As part of her Citi turnaround, Jane Fraser cut management layers from 13 to 8. But the ‘great flattening’ doesn’t always work as intended

(Credit: Qilai Shen/Bloomberg via Getty Images)

When Mike Mayo, the long-time analyst at Wells Fargo Securities, reflects on the turnaround CEO Jane Fraser has engineered at Citi, one decision stands out: her restructuring of the bank into five divisions that report directly to her.

“When you look back in 10 years, you’re likely to say this was the most powerful change made at Citi,” he said. Now, Mayo told me for a profile of Fraser in the current issue of Fortune, “there’s nowhere to hide.”