Buffett Tells Citigroup CEO To Proceed With Overhaul

During a recent lunch with Warren Buffett, Citigroup (C.N) CEO Jane Fraser discussed her latest round of reorganization efforts aimed at simplifying the bank.

Berkshire Hathaway Inc., under Buffett, made a $3 billion bet on Citi in 2022, elevating its stock and instilling confidence in the Wall Street bank. I Photo: Daniel Foster Flickr

According to Isla Binnie and Lananh Nguyen's report for Reuters, Buffett encouraged Fraser to continue with the overhaul.

Fraser shared details of the meeting with the billionaire investor during a conference call with managing directors on Thursday, concluding her address to Citigroup bosses.

On the call, she indicated that more information about the next round of the reorganization would be shared as early as next week, as reported by an anonymous source familiar with the internal communications.

Buffett confirmed the lunch took place but declined to provide additional details about the conversation, as stated by a Berkshire Hathaway representative. Citigroup chose not to comment.

Fraser is orchestrating Citi's most significant revamp in decades, aiming to reduce bureaucracy while enhancing the company's profits and share price.

Berkshire Hathaway Inc., under Buffett, made a $3 billion bet on Citi in 2022, elevating its stock and instilling confidence in the Wall Street bank. As of September 2023, Buffett remained a top-five shareholder, according to LSEG data, as reported by Tatiana Bautzer for Reuters.

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