When Jane Fraser takes over as chief executive of Citigroup in February, she will face two big problems: JPMorgan Chase and Bank of America.
Unusual among the big three American banks, Citi’s brand is far stronger outside the US, while it is a less significant force in its home market – the world’s richest for banking and financial services.
Mike Corbat announced on Thursday his plan to retire next year, and had a stab at marking his own homework, pointing out that from 2012 to 2019 Citi’s net income increased from $7 billion to nearly $20 billion, while its return on tangible common equity increased from 5% to over 12%.
However, he acknowledged: “There is always more to do, and I believe the time is right for my successor to lead Citi through this next stage of progress.”
Closing the gap
The toughest thing on that more-to-do list will be closing the gap to the...
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