NEW YORK--In less than two years at the helm of Citigroup Inc, Jane Fraser has unveiled plans to exit Russia in a bid to pare down risky assets and cull consumer businesses in 13 other countries to focus on multinational companies and the wealthy. Still, analysts and a key investor say while the company is going in the right direction, the first female chief executive officer of a major Wall Street bank faces a monumental turnaround effort ahead. The foremost task for Fraser is addressing urgent demand from U.S. regulators to overhaul its risk management systems, a problem amplified by a botched transfer of nearly $900 million to lenders of struggling cosmetics firm Revlon two years ago. She also has to simplify Citigroup's business structure and exploit its competitive advantages with a core group of institutional and retail clients to boost medium-term returns.