Jane Fraser, CEO of Citi. Patrick T. Fallon/AFP via Getty Images
Citigroup transaction executives have been told to face disciplinary action if they consume alcohol at client events after receiving complaints of unruly behavior at the bank, people familiar with the matter said. It is said that it was done.
During a conference call later this week, bank officials at all levels, from analysts to managing directors, were reminded to keep the company's reputation in mind when drinking alcohol, said the people, who requested anonymity to discuss confidential information. That's what it means. The bank executives who led the conference call did not impose a complete ban on drinking, noting that drinking in business settings is widely accepted culturally, the people said.
A representative for New York-based Citigroup declined to comment.
The harsh words for Citigroup's investment bankers come as CEO Jane Fraser calls for the Wall Street giant, which has underperformed for years relative to its peers, to raise standards across the industry. This occurred while I was working on it. Citigroup executives are cutting 20,000 roles, but so far the investment banking division has been less affected than other divisions.
Read more: Citi to cut 20,000 roles to boost Fraser revenue
The bank last month reported that investment banking revenue rose 27% in the fourth quarter from a year earlier. Still, the division lost $322 million, largely due to a 37% jump in expenses.