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Letters & Theses
Banking & TechnologyShareholder letter

Citigroup CEO letter to shareholders, 2023

Written by
Jane Fraser
Organisation
Citigroup
Published
19 Mar 2024
Sector
Banking

Read the original at sec.gov (opens in a new tab)

About this letter

Jane Fraser, chief executive of Citigroup, wrote this letter to shareholders for Citi's annual report on 2023. She describes it as a year in which the firm reorganised to sharpen its focus on five businesses, Services, Markets, Banking, Wealth and U.S. Personal Banking, and to simplify its operations, while pressing on with the sale of international consumer franchises.

Fraser is candid that some businesses did not meet expectations and that a disappointing fourth quarter weighed on the year's earnings. The letter reviews results and each business in turn, explains the organisational changes announced in September, sets out the Transformation programme as the bank's top priority, recalls Citi's role during the early 2023 bank failures, and restates the path laid out at the 2022 Investor Day.

Why read it

A turnaround letter from a large bank operating under regulatory consent orders, showing how simplification, divestitures and return targets fit together in one restructuring story.

What to notice

  1. 1

    Return on tangible common equity was 4.9% in 2023, yet Fraser reaffirms the 11 to 12% medium-term target, a gap worth testing against the plan the letter describes.

Continue with L3VLUP analysis

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Checking what you can open…

“The road ahead will not always be linear”
Jane Fraser, 19 Mar 2024

Companies discussed

  • Citigroup (C)

Topics

  • turnaround
  • strategy
  • banking
  • regulation
  • breakup or separation
Read the original at sec.gov (opens in a new tab)

L3VLUP does not host this document. It belongs to Citigroup; the notes above are L3VLUP’s reading of it.

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