Citigroup CEO Jane Fraser is setting the bar for her bank to improve its lagging performance – modestly so.

According to the company, it set a medium term target for tangible common equity return, which is a crucial metric in banking. It was “11-12%” according to slidesReleased Wednesday

Analysts and investors had been expecting a series of new financial targets and disclosures. But the event went virtual when two Citigroup executives were infected with the coronavirus. Citigroup is the U.S.’s third largest bank, according to assets. Fraser was appointed as its new CEO. almost exactly a year ago.

It is crucial to meet the return goal. The bank’s 13.4% annual return was possible last year due to the release of reserves for bad loans, and the booming Wall Street markets. Citigroup posted the sixth-lowest returns out of six major U.S. bank institutions.  

Analysts had predicted Citigroup would set a slightly higher target. Morgan Stanley’s Betsy Graseck, for instance, stated that her ROTCE goal was “at least 12%.”

Citigroup shares in New York dropped 1% immediately after publication, with rival banks also dropping 1%. Bank of AmericaAnd Wells FargoThey were slightly lower in premarket trades.

“We have been receiving a lot of questions about Citi in the past few weeks, as investors place for Citi’s new CEO Jane Fraser,” Graseck said. “The most frequent question I get from investors is: How will Citi increase its ROTCE? And how can we narrow our return gap to other banks?”

This is a developing story. Keep checking back for more updates.