In a surprising post on Truth Social, former President Donald Trump lauded Citigroup as the top M&A adviser in Q1, a claim that, according to the FT, was a misinterpretation of Fox Business footage.

The real story is Jane Fraser’s overhaul of the bank. Since taking the helm in 2021, she has shed tens of thousands of roles, off‑loaded retail anchors, and installed outside hires like Andy Sieg and Viswas Raghavan to revive wealth and investment banking.

Fraser’s lean‑er strategy has paid off. Citi’s market value has risen to a peak last seen before the 2008 crisis, and the bank is expected to earn $5bn in profit—a 25 % jump year‑on‑year—thanks to a resurgence in megadeals.

Yet the bank still lags behind rivals such as JPMorgan, Goldman and Morgan Stanley in profitability, and employees warn of an aggressive new culture. The upcoming earnings call will test whether investors accept Citi’s new path.

Meanwhile, other dealmakers like Warburg Pincus and Apollo are active, but Citigroup’s turnaround remains the headline, with analysts praising Fraser’s focus on the bank’s cash‑management engine as the key competitive advantage.