Story 340
Bloomberg published a lovely profile of Jane Fraser today, crediting her “serious political savvy” for Citi’s recent turnaround.
What struck me isn’t what the story said. What struck me is what it didn’t.
The piece praises Fraser’s ability to navigate Trump’s ego but never acknowledges that, just a few years ago, Citi was among corporate America’s most outspoken champions of DEI and ESG initiatives under the Biden administration. If political adaptability is the story, then tell the whole story.
“Jane Fraser was the first to adopt ‘woke’ initiatives and the first to abandon it.” At least that headline would be honest. That’s what balanced reporting would look like in 2026.
Political winds don’t just change—they reverse. The leaders who spend today currying favor with those in power are not thinking about how those photographs, speeches, and strategic pivots will look ten or twenty years from now. They are just surviving until tomorrow.
When a future administration, future Congress, or future international tribunal is examining the legacy of this period, today’s displays of loyalty won’t be remembered as savvy. It’ll be remembered as gamesmanship.
Real leadership is rooted in principle, not proximity to power. It will be especially glorious to witness the backlash given Fraser’s lack of kneepads when it comes to sucking up to Trump.
The reporter at Bloomberg knows this and chose to leave the context out.
But no surprise – Michael Bloomberg’s life partner is Diana Taylor, Citi’s longest serving board member who is also Fraser’s best friend. Mike told his newsroom to back off Citi last Fall. It’s pretty obvious to everyone in the know. Billionaire class protecting itself.
Sign of the times.