By David Henry

NEW YORK (Reuters), – Bank analysts made a downbeat assessment of Thursday’s timeline Citigroup Inc (NYSE 🙂 has laid out this week a plan to increase profits. Others suggested that Russia’s losses could decrease its stock purchase this year.

Citishares were trading down by 3% Thursday afternoon, and banks stocks in were down 0.5%.

Jane Fraser, the new CEO of Citigroup, led Wednesday’s investor day for the bank. She also explained details about the largest restructuring the bank has undertaken since the financial crisis.

Fraser stated, in reference to a crucial profitability measure that Citi would return tangible common stock to 11%-12% over three- to five years. This would surpass recent levels of 10%, but would still be higher than those of big banks which produce upwards of 15%.

Citi’s target is “underwhelming”. The presentation made it unclear why Citi had expected such a weak result from its strategy, even though the bank was assuming a favorable economic environment. JPMorgan (NYSE 🙂 analyst Vivek Junja stated in a note sent to clients that the bank has “underwhelming” expectations.

Juneja said that “this raises questions about whether Citi’s business mix requires more significant changes.”

Fraser stated that she does not plan to add anything to Citigroup’s strategy, which involves fixing old-neglected control and risk systems as well as exiting 14 US consumer banks.

Mark Mason, chief financial officer of Bank Capital warned Wednesday that the bank might have to write down nearly half of its Russian exposure in the worst-case scenario.

Citing “the prolonged outlook for sub-par returns” and “near-term risks” to buy-backs, analyst David Konrad of Keefe, Bruyette & Woods downgraded the stock to “market perform” even though it is cheap because it trades for only three-fourths of its book value.

Fraser stated that she is “very optimistic about the response” at the conference, in an interview with CNBC on Thursday.