Jane Fraser

Ludovic Marin—Reuters
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The turnaround job that Fraser inherited when she became the first female CEO of a Wall Street bank in 2021 remains a work in progress. Early on, she ordered a “global refresh” that included the sale of retail operations in 14 markets. Offloading those units has not always gone according to plan. Citi wanted to sell its retail and local commercial banking business in Russia, but after Moscow invaded Ukraine, the bank closed the units instead at a cost of $170 million.