Citigroup, Wall Street’s biggest loser, is at last on the up

Its prize for this miserable drubbing is not a participation trophy, but a consent order from regulators instructing it to improve internal oversight and change how it measures risk. The firm became the laughing-stock of Wall Street in 2020 when it accidentally wired $894m to creditors of Revlon, a failing company. That Jane Fraser became the first woman to run a Wall Street bank following the mess attached an asterisk to her appointment. “Glass cliff” is a term used to describe the phenomenon of women being appointed to top jobs at companies in deep crisis.