In the middle of 2017, Citigroup hosted an investor day, its first in many years. Its message was that the restructuring of Citigroup is now over: that it is a simpler, smaller, safer and stronger institution; one that has been increasing revenues faster than costs for some time while also investing in businesses that should materially boost earnings in the years ahead. The unspoken message was that it should no longer trade at a valuation discount to its peers.