Remarks by CEO Jane Fraser at the 2025 Euromoney Awards for Excellence Event

Remarks by CEO Jane Fraser at the Euromoney Awards for Excellence event, as prepared for delivery

Good evening, everyone.

I started my career working in the city for the summer at Lloyds Merchant Bank on Queen Victoria Street.  

It was the 1980s, and those were the days when it was frowned upon for a woman to wear trousers to the office.  

So it’s rather nice to be back here tonight in a different era, accepting this award on behalf of Citigroup — an institution that took a bet on me and countless others…even though I did leave the trousers at home. Black tie, after all — some traditions are worth keeping.

I stepped into the role of CEO in 2021, ready to do something hard. To lead one of the world’s most iconic financial institutions through real, lasting change. A firm that supports institutions in 180 markets around the world. A unique, critical part of the global financial system.

It’s not the kind of work that wins you awards. It is the kind that wins you feedback. Lots and lots of feedback.

Some of it constructive. Some of it “colorful.” All of it a reminder that change doesn’t happen quietly or neatly. Particularly, not at a 210-year-old institution that has developed a healthy skepticism for anything labeled “transformational.”

But when we set out, we weren’t interested in quick wins or half-measures. We knew we couldn’t just refresh the branding or tidy up the org chart.

We had to rebuild from the ground up — structure, people, processes, the lot.

And we had to do it with urgency, discipline and clarity of vision: to deliver a bank that’s faster, simpler and truly client-centered.

Now, staying the course doesn’t mean being stubborn.  

It means being focused. It means listening, learning, and knowing which changes are worth seeing through. Especially when the noise gets loud, or the results take time.

In a world that often rewards the immediate, it takes conviction to build for the long term.

That conviction — grounded in our mission — has guided us every step of the way.

And it’s working. We’re addressing many of the issues that have held us back. More importantly, we’ve set ourselves up for a bright future. We’re not just fixing what we have, we’re building what we need with the goal of winning.

You can see that in how we’re reshaping our payments business and exploring tokenized deposits and stablecoins.

In how we’re embracing AI – not only in the way we serve clients, but in how we run the firm.

In how our banking teams are front and center on the most consequential transactions. Nippon Steel’s acquisition of U.S. Steel being just the latest.

In how we’ve built our equities franchise. And, in the growth we’re driving in FX, where we’ve seen a trillion-dollar increase in volumes traded by our hedge fund clients.

We are not the same Citi that we were just a few years ago. We’re stronger. Sharper. Possibly even a little more Scottish in temperament — focused, determined, and questioning of anything that doesn’t earn its keep.

That said, let me be very clear: we’re not declaring victory. We’re not throwing a party. We’re not even opening the good wine just yet.

There’s still a lot more work to do. But we’re not wavering. We’re not chasing headlines — even ones from Euromoney, tempting as that may be. We know who we are, and where we’re going.

This award is not about one person. It’s about the nearly 230,000 people across Citi who have worked tirelessly, day in and day out, to get us to this point.

Some are out in front, winning business, shaping markets — some of whom you’ve seen recognized tonight.

Others are behind the scenes, modernizing our infrastructure, protecting our firm and our clients. No spotlight, no stage — just relentless dedication.

Our people are the engine of this change. And they are the reason I stand here tonight.

So on their behalf, I thank you. We accept this recognition with gratitude.

Here’s to perseverance. To conviction. To trousers. And to the quiet courage it takes to stay the course.

Thank you.