Citigroup CEO Jane Fraser announced a corporate restructuring on Wednesday

Fraser stated in a press release that Citigroup would be restructured into five main business lines,

all of which will report directly to her. Previously, the company had two primary divisions serving consumers and large institutional clients.

Fraser, who is nearing his third year as Citigroup's CEO, is attempting to revive a company mired in a persistent stock slump.

Citigroup is the third-largest US bank by assets after JPMorgan Chase and Bank of America.

But it has a much lower share in domestic retail banking compared to its competitors.

This can explain why Citigroup has struggled after the 2008 financial crisis.

“These changes remove unnecessary complexity from the bank's public market, increasing accountability for providing excellent customer service