wants to simplify
the original megabank. That won’t be easy.
On Monday, Ms. Fraser takes over as chief executive of the third-biggest bank in the U.S. Once the industry’s problem child, the bank has stabilized and built up its defenses, proving sturdy and profitable even during the pandemic. Unlike her predecessors, she comes to the job at a time when Citigroup is relatively under the radar.
But Citigroup, which used to be the world’s largest financial-services firm, is struggling to keep up with rivals. While
Goldman Sachs Group Inc.
and Morgan Stanley are hitting new highs in market value, Citigroup’s is half of what it was in 2006. Its profit and revenue, once roughly double that of other big banks, have now been lapped by JPMorgan Chase & Co. and Bank of America Corp. And last fall, regulators ordered the overhaul of vast systems