Jane Fraser stepped into the top job at Citigroup in early 2021. The bank carried a reputation as Wall Street’s perennial laggard. She inherited regulatory headaches, sprawling operations and middling returns. Five years later the picture looks different. Revenue hit a decade high in the first quarter of 2026. All five business units posted gains. Return on tangible common equity climbed to 13.1 percent. The stock has risen roughly 83 percent since she took charge. Fraser earned the No. 1 spot on Fortune’s Most Powerful Women list this year. The recognition caps a period of decisive action. She exited retail banking in 14 international markets including Russia, China and Mexico. The bank is on track to eliminate 20,000 positions by the end of 2026. Management layers dropped from 13 to eight. Those moves produced a simpler organization. Executives say it now moves faster and focuses capital where it counts. The reorganization stands out to longtime bank analyst Mike Mayo.…