Citi should benefit from regulators forcing a risk fix

In 2021, Citi’s top management has focused on complying with regulatory consent orders to make its risk management systems and data controls fit for purpose.

Failure to address shortcomings that regulators had consistently warned about led to the departure of chief executive Michael Corbat in February. His replacement, Jane Fraser, may have found appetite and capital to invest in growing revenues: hiring 500 wealth managers mainly in Asia, for example, and 200 investment bankers to profit from the boom in M&A.