Early in 2021, when new Chief Executive Officer Jane Fraser took the reins at Citigroup (NYSE: C), she quickly began to overhaul the bank's strategy, which for years produced lackluster returns and disappointment for shareholders.

In perhaps the biggest move, Citigroup said that it planned to sell most of its international consumer banking units, including a large portion (consumer, small business, and middle-market banking) of its very profitable division in Mexico, Citibanamex.

The goal is for the bank to focus on its more profitable wealth management, investment banking, and payments businesses while making the bank simpler and more efficient from an operational and capital standpoint. Furthermore, the bank has to get into compliance with a consent order from regulators that will require it to invest in modernizing its systems.

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Source Fool.com