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Tag: Citi


Activity, Investment Banking

Citi bumps up its tech spend by 14%, CFO says

July 18, 2022

Via: Banking Dive

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. […]


Regulations

SEC asked Citi for more detail on Russia exposure

July 11, 2022

Via: Banking Dive

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 […]


Capital and Risk, Macroeconomic

Citi CFO sees support for more Fed moves to stave off inflation

June 14, 2022

Via: Banking Dive

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 […]


Regulations

Citi’s role in ‘flash crash’ reinforces perils of manual transactions

May 3, 2022

Via: Banking Dive

Whoever said, “it’s going to get worse before it gets better” has certainly, agonizingly watched the same group of people repeatedly make the same mistake. News last week that the Office of the Comptroller of the Currency (OCC) lifted a […]


Regulations

Citi abortion policy spurs lawmakers to want bank’s contract terminated

April 6, 2022

Via: Banking Dive

Citi is the financial institution responsible for managing all credit cards for House offices, and members of Congress use the bank’s cards to pay for flights, supplies and other goods, the letter’s authors wrote. “By choosing to underwrite travel to […]


Activity, Retail Banking

Citi to sell its consumer unit in Bahrain to Ahli United Bank

April 5, 2022

Via: American Banker

Citigroup agreed to sell its consumer banking operations in Bahrain to Ahli United Bank BSC as part of the lender’s continued push to simplify. The transaction includes Citigroup’s retail banking, credit card and unsecured-lending businesses, and excludes the firm’s institutional […]


Activity, Retail Banking

Citi agrees to sell its India retail footprint to Axis Bank for $1.6B

March 30, 2022

Via: Banking Dive

India marks the ninth market from which Citi has solidified its retreat in the past 12 months. The bank laid out a strategy last April to exit from retail operations in 13 markets, concentrating instead on four hubs with higher […]


News

3 execs are leaving Citi for crypto or fintech. Will it be a turnover trigger for the bank?

March 14, 2022

Via: Banking Dive

March is turnover season. Banks have doled out their year-end bonuses. Bankers reevaluate their prospects. Some jump. So the departure late last week of three Citi executives in two separate announcements may not measure more than typical annual flight. Then […]


Activity, Investment Banking

Citi spin-out Proxymity raises $31m in Series B funding round

December 20, 2021

Via: FinTech Futures

Original consortium investors BNY Mellon, Citi, Computershare, Deutsche Bank, Deutsche Börse, JP Morgan, and State Street all participated in the round. The platform was incubated in Citi and launched in the UK in 2018, following a collaborative pilot partnership with […]


News

Junior banker narrative centered on Goldman, but bank hasn’t bumped pay

July 8, 2021

Via: Banking Dive

In the days after a group of 13 junior analysts at Goldman Sachs presented to their managers a self-survey detailing “inhumane” 100-hour workweeks, deteriorating physical and mental health and a souring outlook for the future, CEO David Solomon sent a […]


Channels

Six global banks endorse Swift’s new platform for international payments flows

June 30, 2021

Via: FinTech Futures

Bank of China, BNY Mellon, BNP Paribas, Citi, Deutsche Bank and Standard Chartered have all confirmed they’re making preparations to adopt the platform. Swift has recently rolled out a new roadmap for the platform, claiming it will allow banks “to […]


Capital and Risk, Trading

The coming 30% trading slump isn’t bad, bank execs say. Last year was just ‘exceptional.’

June 16, 2021

Via: Banking Dive

Bank executives have been warning that recent gains were likely unsustainable. This week’s comments from Mason, Dimon and Morgan Stanley CEO James Gorman show a shift to expectation-management mode — not by stressing that the current trend is bleak but […]


Activity, Retail Banking

Citi eyes expanded US branch footprint alongside Asia pivot

June 7, 2021

Via: Banking Dive

Citi is looking to redouble its effort to grow its U.S. branch footprint, CEO Jane Fraser said Friday at the virtual Bernstein Strategic Decisions Conference, according to Business Insider. “I don’t believe branches are dead yet,” she said. “We will […]


Regulations

Citi hires FinCEN chief to lead compliance in bank’s new unit

April 5, 2021

Via: Banking Dive

Citi’s hiring of Blanco comes as the bank is retooling its risk management, data governance and internal controls in light of a $400 million fine the Office of the Comptroller of the Currency (OCC) levied against it in October. The […]


Regulations

Those footsteps Citi hears on diversity and inclusion are JPMorgan’s

March 29, 2021

Via: Banking Dive

On the surface, it may seem at times Citi has the progressive market cornered. This month, it became the first Wall Street bank to elevate a woman to CEO. In 2018, it became the first large U.S.-based bank to commit […]


Regulations

Citi hopes a ‘reset’ with hybrid schedules, Zoom-free Fridays will preserve bank’s ‘soul’

March 24, 2021

Via: Banking Dive

With her memo, Fraser becomes the first CEO of a large, U.S.-based bank to embrace a hybrid schedule in writing. There will be exceptions to the three-and-two workday ratio, Fraser wrote. Some branch and data-center jobs, for example, can’t be […]


Activity, Investment Banking, Retail Banking

Citi marks a quiet transition as Fraser takes the reins

March 2, 2021

Via: Banking Dive

For all the anticipation of leadership change at Citi — the bank announced in September that Jane Fraser would become the first woman to lead a U.S.-based bank of its size, and hints of her ascent were predicted as early […]


Regulations

Raises at top 6 US banks average fraction of a percentage point

January 22, 2021

Via: Banking Dive

Employees at the nation’s six largest banks got an average raise of $271 in 2020, Bloomberg reported Thursday. Even for someone making $50,000 a year, that comes out to a pay bump of half a percentage point. And the penny […]


Regulations, Retail Banking

Major banks suspend political donations after US Capitol siege

January 11, 2021

Via: Banking Dive

Goldman Sachs and JPMorgan will suspend contributions to both political parties for six months. “The country is facing unprecedented health, economic and political crises,” Peter Scher, JPMorgan’s head of corporate responsibility, told CNBC. “The focus of business leaders, political leaders, […]


Regulations

2020 review: 10 largest regulatory fines this year

December 28, 2020

Via: FinTech Futures

Some hefty penalties have hit headlines this year, punishing a range of indiscretions including market manipulation and money laundering. Here are the largest regulatory penalties announced this year. 10. Commerzbank fined £37.8 million by FCA for AML failings The UK’s […]