By Andrew Welsch

Jane Fraser isn't the first CEO to try to turn around Citigroup. But she might be the first to succeed where others have stalled.

Under her leadership, the bank has shed some overseas banking units, cut costs, and restructured its strategy around five units: services, markets, banking, consumer cards, and wealth. Fraser, 58, has recruited talent from competitors to help spearhead her strategy. In 2023, the bank hired former Merrill Lynch executive Andy Sieg as head of wealth.

Regulators may soon lift the federal consent order imposed on Citi six years ago, which would mark a milestone for the bank.

Fraser, a former partner at consulting firm McKinsey, joined Citi in 2004. She became CEO in March 2021, and chair of the board in October 2025. Expectations are high as Citi's turnaround enters the next phase. As Wells Fargo analyst Mike Mayo has noted, Citi is on its 13th restructuring; the previous 12 "failed."

Citigroup shares have gained around 80% in the past 12 months, compared with a 23% gain for the S&P 500 index. Maybe the 13th time is the charm.

Write to Andrew Welsch at andrew.welsch@barrons.com

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June 19, 2026 01:00 ET (05:00 GMT)

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