Citigroup executive says strategy refresh remains “priority”

(Reuters) – Citigroup Inc is laser-focused about its “mission-critical” transformation agenda, its global head of treasury and trade solutions business said on Tuesday, as the bank undergoes a strategy refresh under Chief Executive Jane Fraser.

“Transformation is the #1 priority for everybody at Citi,” Shahmir Khaliq told investors at a conference, adding that it is imperative that the bank gets it right over the next 24 to 36 months.

The bank has long struggled to keep pace with peers on profitability and valuations. Citis return on assets emerged as one of the lowest among rivals in fiscal 2022.

In January, the bank forecast expenses will surge to the highest in nearly a decade this year as it ramps up investments to address regulatory consent orders, modernize infrastructure and simplify the business.