Shares of Citigroup (NYSE: C) fell nearly 24% during the first six months of 2022, according to data provided by S&P Global Market Intelligence. The bank struggled along with the broader sector but also ran into hiccups amid its multiyear transformation plan.

Since Jane Fraser took over as CEO of Citigroup in early 2021, the bank has been working on a multiyear transformation plan to correct regulatory issues, modernize parts of the bank, and try to boost returns, which have disappointed for years.

While the plan has promise, it has not come without issues. While exiting its consumer-banking operations in many international markets, Citigroup has had to take write-downs. In Russia, the bank is working to sell its consumer-banking operations but may not be able to because of Russia's ongoing invasion of Ukraine.

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Source Fool.com