A plan in Asia for Citi’s Fraser
Citi’s new CEO Jane Fraser set out her vision statement this week. It was solid stuff, but Euromoney suggests some bolder moves for the US bank in Asia, including a secondary local listing, and the creation of a new position of co-CEO, to be installed in a region vital to the bank’s future.
The future, Jane Fraser said on Monday, is “already here”. It is – and it is Asia.
In her incoming message, Citi’s new CEO talked up the need to adapt to a rapidly evolving world and to transition to a model that unlocks long-term value.
She went long on ESG and sustainability, dotted her script with values-based messages and committed the US bank to hitting net-zero emissions by 2050.
But was a far bolder mission statement begging to be made? The first woman to run a big Wall Street bank could have put Asia at the heart of her speech.
Fraser, who has been with the bank since 2004, will be well aware how important the region is to the bank. Citi generated revenues of $15.8 billion in Asia in 2020.
That is 21% of global revenues, making it the largest region outside North America.
The diversity of its pan-Asia strength is striking
The diversity of its pan-Asia strength is striking. It is present in 18 markets, yet no one country accounts for more than 15% of region-wide revenues.