Is Citi the New ‘It’ Place to Work on Wall Street?
Flexible work and other fresh ideas under new CEO Jane Fraser are setting the bank apart from its more rigid-seeming peers.
Citi CEO Jane Fraser is effecting perhaps the industry’s most notable operational and cultural rehabilitation from the inside out.
Photographer: Kyle Grillot/BloombergWall Street may not be clued in yet to the undercurrent of cultural change afoot at Citigroup Inc., but you can bet prospective employees are.
Ask any millennial in financial services, and they would probably tell you that Citi wasn’t on their list of most desirable banks to work at in New York for the last decade. That reputation squares with a host of internal issues that followed its 2008 government bailout, including committing regulatory lapses, being cited for deficiencies in its risk management, watching online competitors gain steam and underperforming other big banks such as JPMorgan Chase & Co. and Bank of America Corp. People want to work at a firm that’s growing, not one bogged down by internal botches, which can be felt in morale and often even in pay.