Citigroup Inc’s incoming Scottish CEO Jane Fraser has told staff in a memo she has decided to form a new global operating team to build accountability among its top leaders.
“A key element of our Transformation work is to hold our business leaders accountable not only for the performance of their own teams, but for how we collectively operate our firm and deliver the outcomes for which we are responsible,” said Fraser in the memo.
Citi last year named Fraser, from St Andrews, as its next chief executive, making her the first woman to lead a major Wall Street bank.
She will take the reins from CEO Michael Corbat on March 1 when he retires.
The new global operating team will consist of Fraser’s executive management team, the group’s treasurer and leaders of various Citigroup units.
Fraser said that Sunil Garg, global head of Citi Commercial Bank, will become the next CEO of Citibank.
“Sunil also will chair the Risk and Controls project group of our Transformation effort,” the memo said.
Fraser has also picked Margo Pilic as her next chief of staff.
Pilic was recently the finance lead for Citi’s institutional clients group in Latin America.
“Investing in our talent is going to be one of my top priorities as CEO,” Fraser said.
“It is critical to creating the culture of excellence that we want for Citi and to the success of our transformation.”