Citigroup became the nation’s first megabank some two decades ago by expanding into new businesses while pushing to knock down barriers that limited its size.

A much different Citigroup was evident on Friday as it reported its quarterly results. Business lines like subprime lending, which used to define the company, have all but disappeared.

Over the last seven years, Citigroup has sold more than 60 businesses, shedding retail bank branches from Boston to Pakistan. In all, the bank’s holdings have shrunk by $700 billion — an amount roughly equivalent to Switzerland’s economic output. The bank’s chief executive said on Friday that since he took over in 2012, the company’s work force had declined by 40,000 jobs, through layoffs or selling businesses.

On the campaign trail, and in the Democratic debate Thursday, the conversation has often returned to an assumption that very little has changed in the nation’s banking system since the 2008 financial crisis. But Citigroup’s financial results were one of many reminders this week of just how much success the government has already had in pushing banks to become simpler and safer, if not always smaller.