Citigroup

Jane Fraser’s team has executed a consequential simplification, elevated business heads, and focused the firm on five franchises with clearer accountability. Headcount reductions and reorganization aim to improve speed and efficiency, and leadership has communicated medium-term return targets of roughly 10–11% RoTCE.

However, persistent remediation under 2020 consent orders and additional fines in 2024 indicate that risk and data-control work remains a heavy, multi-year lift. We credit the strategic direction and early operating leverage, but we mark down for the time and rigor still required to resolve the regulatory agenda fully.