Story 283

Prompted by Story 282. A footnote on Citi’s new CFO. When Jane Fraser folded US Personal Banking (USPB) into the Wealth division—handing [REDACTED] a massively expanded empire—it left one high-ranking executive without a chair when the music stopped: the former head of USPB.

In a move that looked more like a reorganization “rescue” than a strategic search, he was handed the CFO title.

This raises the obvious question: Why was the incumbent CFO pushed out while a displaced executive had to be salvaged?

The answer likely lies in the culture Citi has perfected: a preference for blind loyalty and “alignment” over the inconvenient competence of those willing to debate the vision.

Or are there any other secrets that haven’t aired yet?

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