In the past five trading days, major banks were in focus on the expectations of the Federal Reserve turning more hawkish. In company-specific developments, Citigroup C was in the limelight for pausing its share repurchases in the current quarter. Also, the bank is expanding its cash management solution across 14 additional European countries and has applied for a license to re-enter China’s investment banking (IB) space. These initiatives are likely to support its fee income growth.
Additionally, JPMorgan JPM announced new tools for its customers to avoid overdraft service fees, effective January 2022. Further, U.S. Bancorp USB, through its subsidiary U.S. Bank, completed the deal to acquire PFM Asset Management LLC.