Regulators are frustrated with the progress Citigroup has made in the two years since they reprimanded the bank for problems with the systems it has in place to prevent costly mistakes, according to people familiar with the matter.

Federal Reserve officials have repeatedly grilled chief executive Jane Fraser about the bank’s plans to fix its risk-management system, demanding to see more progress, the people said. In a meeting this summer, officials from the Office of the Comptroller of the Currency warned the bank’s board that there could be consequences for not getting a handle on the situation, they said.