A banking and finance analyst says the American bank in New York City continues to be its biggest leader.
In a new interview on CNBC’s Closing Bell, Wells Fargo analyst Mike Mayo he says is interested in Citigroup (C) as the bank sees a major turnaround.
“I have been critical of Citigroup for years. Their past culture can be characterized as reckless, arrogant and reckless.
He said the change was mainly due to the director of the bank, Jane Fraser.
“The biggest, simplest and most powerful change is from 50 years of a matrix system around the world, a mishmash, a spider’s management that has two answers and two reports – it was a mess, to a simple system of five business CEOs who tell Jane. Jane Fraser gets credit for this.
Mayo says he sees a lot of upside for Citi, noting that the lender has shown some of the best business growth despite the restructuring.
“Jane Fraser didn’t win the Nobel Prize for reforming the administration.
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