City CEO Addresses Challenges and Strategies in Sioux Falls

August 18, 2025

Jane Fraser, the CEO of City, has been at the forefront of significant transformations within the huge global bank. Her recent visit to Sioux Falls, alongside Senator Minecround, highlighted various challenges and opportunities that resonate with local business leaders.

Fraser emphasized that while City might be seen as a Wall Street entity, it employs about 83,000 people beyond New York, with the Sioux Falls branch being a point of pride. She noted, “Wall Street serves Main Street.” Since she took the helm in early 2021, the bank’s stock has surged by 47% over the last year, reflecting a successful turnaround strategy.

Fraser advocates for a move towards simplification. She mentioned focusing on “going back to basics” and ensuring the bank effectively serves its customers. “How can we be the bank that truly fulfills our responsibilities to our clients?” she asked rhetorically.

Fraser pointed out that City had become “too complicated.” The organization had too many divisions and complexities, which led to management issues. Thus, she made it a priority to streamline operations by selling off certain business units and eliminating redundant management layers.

“Do less and do it better,” she remarked. This simplicity was something everyone at the bank recognized and supported, as many felt overwhelmed by the existing complexities.

Sioux Falls employs around 1,100 City staff members, many of whom have long tenures. The company has been rooted in South Dakota since 1981, drawn by favorable laws regarding interest rates and fees.

Fraser acknowledged her “Fantastic Leadership Team,” highlighting that employees in Sioux Falls support a variety of companies, both local and global.

“Surprise your people with what they can achieve,” she advised. It’s crucial for a bank to not only offer smart advice but also connect on a personal level. “You’re aiding individuals in making life decisions and helping businesses seize growth opportunities,” she added.

Fraser also highlighted the importance of fostering a culture that embraces innovation and a bit of daring.

Senator Minecround, a member of the Senate Committee on Banking, Housing and Urban Affairs, expressed the need for consistent communication with Fraser and City. “That’s what sets us apart in South Dakota,” he noted. Effective relationships and understanding local challenges are essential, he believes.

The pair discussed significant policy objectives, particularly concerning affordable housing. “We need to make housing affordable again for our growing population,” Minecround said, emphasizing how vital it is for the next generation to secure their first homes without undue financial stress.

Fraser pointed out that addressing issues at the federal level is vital, including everything from treasury yields to building regulations. She mentioned that the corporate sector seems more attuned to upcoming challenges, hinting at increased investment activity.

While lower gas prices have benefitted consumers, Fraser acknowledged that uncertainty persists. However, she believes the gap between public sentiment and actual data is narrowing, suggesting that a recession may not be imminent.

Fraser advised that creating a skilled workforce should continue to be a priority in South Dakota. Her message to the Sioux Falls community was clear: “Keep doing what you’re doing. Don’t fix what’s not broken. Ensure a fair business environment and prioritize education.”