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Servicing gains failed to offset steep origination declines at the bank, which continues to battle allegations of racial discrimination.

One year after CEO Jane Fraser launched a business revamp, Citigroup reported lower revenue, higher expenses and a big reserve for loan losses in Russia. Yet the company’s long-term plan to streamline operations and invest in high-performing businesses — all with an aim to strengthen shareholder returns — still appears on track.

The Detroit company’s first-quarter results were highlighted by a 14% increase in car-loan originations. While executives expect credit quality to start normalizing, they also say that demand for vehicles will remain robust, with an estimated 4 million-5 million consumers still waiting on the sidelines.

Citigroup has begun the sales process for its consumer, small-business and middle-market banking divisions in Mexico, though an initial public offering remains on the table.

The Pittsburgh bank had warned that business activity in its capital markets unit was slowing because of economic uncertainty stemming from Russia’s invasion of Ukraine. But its fee income declined by more than the company anticipated in the first quarter, and looming rate hikes from the Fed will no doubt cut into mortgage income further.

U.S. Bancorp and Wells Fargo both reported robust business loan volumes during the first quarter, while other large lenders reported smaller gains. Inflation is fueling more spending on technology, and companies are catching up on capital expenditures that they deferred earlier in the pandemic, according to bank executives.

The global bank’s head of digital channels and data analytics is giving multinational customers a view of all their bank accounts in all countries.

As rising inflation and supply-chain shortages create new urgency for businesses to settle transactions quickly, more community banks and credit unions are recognizing the need for instant payments, according to The Clearing House.

JPMorgan Chase unveiled plans for its new global headquarters — a 60-story skyscraper in midtown Manhattan that, according to the bank, demonstrates its commitment to New York City’s revival.

To ensure authenticity, Community First Credit Union had its AI-powered voice system learn by communicating with Spanish-speaking employees who could teach it local terms and mannerisms.