“We want to be winners”

Citigroup CEO Jane Fraser said she has decided to leave the bank’s retail operations in 13 countries outside the US to improve profitability.

One of the top priorities for Fraser, who took over from his predecessor Michael Corbat in February, is to bring the profits of Citigroup in New York closer to those of colleagues, including JPMorgan Chase and Bank of America.

“As we look at business over a decade ahead, we want to be winners,” Fraser told CNBC’s Wilfred Frost on Closing Bell in his first televised interview since he officially began as CEO.

“We want to close the pay gap with our colleagues,” Fraser said. “To do this, make an honest assessment of the businesses you will be able to win and which are probably in better hands with another bank.”

Last week, Citi said it was leaving retail banking in 13 countries outside the United States to focus more on wealth management, one of the first major strategic moves made by Fraser. The lender also reported first-quarter results that exceeded analysts’ estimates for profit, with strong bank returns on investment and a higher-than-expected release of loan loss reserves.

There are clear areas of opportunity for Citigroup, the third largest bank in the United States, with assets behind JPMorgan and Bank of America, the CEO said.

The bank is “doubling” in areas, including its global institutional banking and wealth management in Asia and the United States, she said.

And Fraser did not end her strategic review, which could see more business divestments, she said. “I have more to follow, for sure,” in terms of ads, she said.