Citi Is Worth the Sum of Its Parts for First Time in Seven Years

For the first time since September 2018, investors consider Citigroup Inc. to be worth at least the sum of its parts.

In a boost for Chief Executive Officer Jane Fraser as she pushes her turnaround plan, the bank’s market value relative to the value of its assets, known as price-to-book ratio, equalized Friday in a sign that the bank is making a comeback from its laggard status on Wall Street.

The ratio is a valuation metric that bank investors pay close attention to. Since regulators focus heavily on book value and banks’ business models can make their earnings volatile, the ...