Tag: Citi

April 1, 2024

Citi’s energy clients include companies predominantly related to oil and gas production, but also include bioenergy, carbon capture, utilization and sequestration, direct air capture hydrogen and renewable energy, according to its 2021 Task Force for Climate-related Financial Disclosures report. Its […]

February 26, 2024

Citi has appointed Viswas Raghavan as head of banking and executive vice chair, CEO Jane Fraser said in a memo Monday. Raghavan will oversee Citi’s investment, corporate and commercial banking businesses, which is one of the company’s core units. He […]

January 31, 2024

SellersFi, a global e-commerce financing and financial services company, is partnering with Amazon Lending to offer eligible sellers credit lines of up to $10 million, the companies announced Tuesday. CEO and co-founder Ricardo Pero said the credit lines are targeting […]

January 31, 2024

The facility builds upon a previous $250 million debt facility the fintech landed with Credit Suisse and Waterfall Asset Management in December 2022. Founded in 2016 and based in Los Angeles, USA, Sunbit provides a buy now, pay later (BNPL) […]

January 30, 2024

New York Attorney General Letitia James sued Citi in federal court Tuesday, alleging the bank fails to protect customers from fraud and refuses to reimburse victims. “Banks are supposed to be the safest place to keep money, yet Citi’s negligence […]

November 8, 2023

Under the order, Citi will pay $1.4 million to harmed consumers along with a $24.5 million penalty. “Citi purposefully discriminated against applicants of Armenian descent, primarily based on the spelling of their last name,” CFPB Director Rohit Chopra said in […]

November 6, 2023

Citi is considering trimming its headcount in several major units by at least 10% as the firm embarks on a corporate overhaul it announced in September, according to CNBC, which cited sources familiar with the matter. The New York City-based […]

October 26, 2023

Banks are more effective in helping small-business owners navigate the present market conditions with improved digital tools and more supportive relationship managers, the J.D. Power 2023 U.S. Small Business Banking Satisfaction Study published Thursday finds. Compared to last year, small-business […]

October 20, 2023

Navan’s travel and expense management solution has been combined with the bank’s commercial card offerings by leveraging Navan Connect, its card link technology. This new system will initially be available only to US-based commercial clients. “Citi and Navan are now […]

October 16, 2023

Citi cut another 2,000 jobs in the third quarter, CFO Mark Mason told analysts Friday during a third-quarter earnings call, according to Bloomberg. That means the bank has trimmed roughly 7,000 roles so far this year — and the figure […]

September 28, 2023

As part of a global retreat announced in 2021, Citi aims to exit 14 markets in Asia, Europe, the Middle East, Africa and Mexico. The bank announced last year that it planned to wind down its consumer-banking operations in China. […]

August 24, 2023

Mateu Batle, the fintech’s CEO and co-founder, confirmed that the investment is to be applied to support its growth and expansion, which includes attracting more SMBs to the platform. This ambition will be further reinforced by the planned integration of […]

August 21, 2023

If an ICG split happens, it wouldn’t be the first time a major Wall Street bank has spread out responsibility from two or three pillars to five. Wells Fargo in 2020, split its wholesale bank into a commercial unit and […]

April 20, 2023

Citi’s bulked-up tech headcount lends credence to its announcement last June that it intended to hire 4,000 tech employees to move its institutional clients online. Mason last year said the bank needed to offset “past underinvestment in our businesses.” That, […]

March 3, 2023

Citi is cutting hundreds of positions, including some in investment banking, mortgage underwriting and technology, Bloomberg and Reuters reported Thursday. The cuts represent less than 1% of the bank’s headcount, people familiar with the matter told the wire services, adding […]

January 30, 2023

The company says the new funding facility will enable it to increase loan originations and grow its portfolio as it looks to accelerate its growth. It also plans to expand its product offerings to include retirement interest-only mortgages, term mortgages […]

December 19, 2022

Leaving China would mean Citi has an exit strategy in place for 12 of the 13 markets from which it said in April 2021 it would retreat. Poland is the exception. Citi added two markets to its exit list this […]

July 18, 2022

Investment in technology is becoming a key expense driver for the bank. Expenses overall increased 8% for Citi, and 3% of that spend was driven by “transformation investments,” Mason said, with two-thirds relating to risk, control, data and finance programs. […]

July 11, 2022

The Securities and Exchange Commission (SEC) asked Citi to give the regulator “enhanced” disclosures relating to its exposure to Russia, the Financial Times and Reuters reported Friday. Citi was not the only institution to receive such a request, in a […]

June 14, 2022

Prices for shelter, gas and food all rose in May following an April decline, with overall inflation increasing rapidly past expectations, damping hopes that inflation had peaked and intensifying fears of a recession. Mason’s comments come on the heels of […]