Citigroup CEO Jane Fraser told shareholders in May the bank had regained its pre-2008 market value, with shares outperforming JPMorgan and Bank of America. "We have rebuilt the engine," she said. The Scottish-born chief has reorganised the 214-year-old bank, selling assets, cutting 20,000 jobs, and making controversial hires while courting the Trump administration. Some former employees say the new culture discourages speaking up about compliance issues. A senior executive says the shift aims to win business and reduce tolerance for underperformance.

Investors acknowledge Citi is better run but question whether Fraser can grow profits. Results due July 14 should show progress toward a 10-11% return on tangible common equity, still below JPMorgan's 20%. Analyst Mike Mayo says Citi is "crossing a very low bar."

Fraser inherited a bloated bank in 2021. She simplified its structure, exited retail banking outside the US, and sold a 49% stake in Mexico's Banamex. She told staff to "help us deliver the changes, or get off the train." Fraser also leveraged a lighter regulatory environment, rolling back diversity and climate initiatives and considering a private account for Trump, who praised Citi on Truth Social.