Citigroup CEO Jane Fraser, one of Fortune‘s Most Powerful Women—and the top female executive on Wall Street—is pushing ahead with about 1,000 job cuts and has warned staff that “we are not graded on effort” in a fiery internal memo setting a tougher tone for 2026. The cuts are part of a multiyear overhaul that could ultimately eliminate up to 20,000 roles as Fraser demands hard results and an end to what she calls the bank’s “old, bad habits.”
In the memo, previously reported by Bloomberg, Fraser told Citi’s roughly 200,000‑plus employees “the bar is raised” and stressed performance will be judged on outcomes rather than intentions or long hours.
