Since September, when Fraser laid out her vision for a more streamlined Citigroup, the bank’s stock has shot up more than 50%.
For the first time in nearly two decades, Wall Street appears to be feeling something almost like optimism about America’s third-largest bank.
But speaking of Fraser’s tenure, Mayo sounded unusually sanguine about her progress in simplifying Citi’s notoriously labyrinthine corporate structure.
Still, Mayo said the bank offers the “worst-in-class efficiency, returns and stock market valuation.”“I think she will pull it off.
Of course, Fraser, who took over in March 2021, is still being haunted by the sins of Citi’s past.
Persons:
CNN Business ’, Jane Fraser, —, Fraser, Revlon —, Jane Fraser’s, ”, Mike Mayo, “, ” Mayo, Mayo, “ It’s, I’m
Organizations:
CNN Business, New York CNN, Citigroup, Citi, Revlon, JPMorgan Chase, Bank of America, Wells
Locations:
New York, Wells Fargo