Citi’s New CEO Makes History and Now Must Fix Bank’s Problems

Now that she’s broken Wall Street’s thickest glass ceiling, new Citigroup Inc. Chief Executive Officer Jane Fraser’s next challenge will be to achieve what eluded her predecessors -- but in the wake of a pandemic.

For years, the expansive consumer and investment bank has repeatedly missed its own targets for boosting profitability, leaving it as the worst performer among the five Wall Street giants.

And despite big investments to bolster internal oversight, the firm made headlines in August for mistakenly wiring $900 million to hedge funds that wouldn’t give it back. From Washington watchdogs to an activist shareholder, she’ll ...