By David Henry

NEW YORK (Reuters) – Citigroup Inc (NYSE:). Jane Fraser is the Chief Executive of Inc. She has had to prove investors and analysts skeptical that her ability to turn around the bank, despite overseeing an extensive overhaul in less then a year.

Fraser took over at the helm of the Wall Street bank in February 2021, tasked with transforming a business whose share price had lagged rivals like JPMorgan Chase & Co (NYSE:) and Bank of America (NYSE:) during her predecessor Michael Corbat’s eight years at the helm.

She has worked to streamline the company since her arrival, which was the largest overhaul of the bank’s history since the financial crisis in 2007-09. Last April, the bank revealed plans to sell non-core business, which included consumer franchises in thirteen markets throughout Asia, Europe and Middle East.

The bank doubled its efforts Tuesday by announcing that it plans to spin off or sell the Mexican consumer business. Fraser, who was previously head of Latin American banking operations before becoming CEO, had announced this intention.

Further, on Thursday the bank made an announcement about selling its consumer businesses, in Indonesia Malaysia, Thailand, Thailand, and Vietnam.

Fraser previously stated that the Mexican bank had the potential to succeed, and Fraser’s decision to let it go is her most bold move in restructuring the bank.

Citi CFO Mark Mason stated on Friday that the bank had decided to sell the Mexico consumer business because it wanted to concentrate on its institution business. Mason explained that while the Mexico consumer market had produced good returns it was more worth to another buyer.

Citigroup’s shares are still below their rivals. Investors may not be as convinced by Fraser’s turnaround plan anytime soon.

Analyst Dick Bove from Odeon Capital said that “it is a show-me scenario.” His statement was, “This company has been mischaracterized and mismanaged by one administration after another for 25 years.”

Fraser assumed her position in February. Its shares gained 3%, compared with JPMorgan shares increasing 14% and Bank of America shares growing 40%. Wells Fargo (NYSE:) rising 55%.

Citi posted earnings on Friday showing that its fourth quarter profits were down 2 %. The company was hit by higher expenses, and the weakness in its consumer bank division.

Citi analysts questioned Fraser about the direction of Citi Bank’s conference calls. She replied that she wanted it to be the “preeminent bank” for institutions with cross border needs and was focused upon increasing shareholder value.

Fraser has only been on her quest to transform the bank’s fortunes for less than one year. Investors who back her strategy emphasize that the change will not happen overnight.

But she has to convince investors and analysts that the company’s previous restructuring efforts were unsuccessful. Corbat was also a former owner of a number of other businesses, before she gave the reins back to Fraser.

Sandy Weill was the bank’s leader from 1998 to 2003. The company had grown rapidly under his leadership. Weill was the bank’s leader through an acquisition spree that led to its eventual collapse and the subsequent government bailout of $50 billion.

Bove referenced six unsuccessful strategies by previous CEOs, before concluding that Fraser’s plans were not sufficient to bring in investors.

The bank has a tendency to fall behind peers in financial performance and is under increased supervision by regulators since the bailout of it during the financial crisis.

Citigroup shares rose dramatically after Vikram Panit was replaced by Corbat in 2012. This happened when Citigroup had last been led by a different leader in 2012.

Corbat agreed to Fraser’s resignation in September 2020. The bank was faced with new questions about its financial control, such as whether it had received an incorrect payment of $1 billion to bond holders for which it was trustee.

Fraser’s strategy aims to streamline the business, increase its focus on institutional businesses, and make it more efficient with its capital.

The new Citi is simpler and more focused as a global bank, payments and investment provider to multi-national firms and institutions, growing corporations, and wealthy individuals,” Mike Mayo, a Wells Fargo analyst, stated in a research paper. He has an “overweight” rating for the stock.

But, it has yet to lift the stock.

Bove applauds Fraser’s efforts so far, and recommends shares. However, Bove blames poor share performance for “investor exhaustion.”