Citi is betting its costly hiring spree will pay off

Citi CEO Jane Fraser. Bloomberg/Getty Images Citi said the banking unit's operating costs rose 20% in its earnings report. Higher compensation and headcount drove the increase, the bank reported. CFO Gonzalo Luchetti said the firm expects the investment to pay off over time. In a January memo to employees, Citigroup CEO Jane Fraser urged bankers to move faster and aim higher as she pushed the firm beyond its yearslong revamp. Now, the costly reality of hiring the dealmakers to realize that ...