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The reductions will affect less than 1% of Citi's global workforce, and with recent hiring the overall headcount probably won’t decline, the company said.

Embedded finance isn’t an intentional attempt to overthrow banking; most companies are just trying to meet customers where they’re at when it comes to payments, says Kunai's Sandeep Sood.

Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans' retaining control of the chamber would be defending against the disruption of a Democratic blue wave.

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment.

Chris Gorman, the Cleveland company's chairman and CEO, said at an industry conference that an ongoing shift to digital channels provides an “opportunity to continue to ramp up" efforts to shutter physical locations.

The bureau will detail how it will implement a Dodd-Frank Act provision requiring the agency to collect information on small-business lending in order to identify discrimination.

Alibaba Group Holding Ltd. is in talks to invest $3 billion in Southeast Asian ride-hailing giant Grab Holdings Inc., according to people familiar with the matter.

BofA, which has applied for or been granted thousands of patents, has been working recently on technologies that analyze spending patterns to give budgeting advice and use augmented reality to provide estate-planning services.

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

Acting Comptroller of the Currency Brian Brooks’ focus on allowing fintech firms into the federal banking sphere appears to have a more ambitious and risky goal: redefining the agency’s regulatory focus.

The controversial TikTok U.S. divestiture is inching toward a conclusion, but the battle over how and where data is collected has become a geopolitical barrier to international e-commerce growth that goes far beyond the Chinese video-sharing app.

It's unlikely that lawmakers will pass new coronavirus-related legislation before Congress leaves for its October recess.

Over the last six months, the movement has shown it is ready to step up during challenging times, including doubling down on service and rolling out new digital products.

Axel Weber has discussed the idea with Switzerland's finance minister and an agreement could happen by early next year, according to the Swiss finance blog Inside Paradeplatz.

When the pandemic shut classrooms across the U.S. this year, the federal government looked for a quick solution to prevent millions of needy students who typically receive meals at school from going hungry.

Justice Department officials have embarked on a rewrite of antitrust policy that could waive certain requirements for community bank mergers and provide fewer advantages to large, out-of-town buyers and banks in urban areas.

Lenders press Congress to restart — and revamp — the Paycheck Protection Program; Fed corrects stress test error for Morgan Stanley, Goldman Sachs; M&T's new fintech unit rolls out first product; and more from this week's most-read stories.

For all the damage from the pandemic and economic downturn, this crisis has not impacted liquidity. Lawmakers would be foolish to permanently alter the Central Liquidity Facility.

Citi has teamed with home furnishings giant Wayfair on a pair of credit cards—one cobranded with Mastercard and a private label version—capitalizing on the pandemic-accelerated e-commerce boom.

The financial industry has praised the measured approach taken in a pending regulation on permitted communications with consumers. But two recent complaints by the bureau against debt collectors reflect a potentially aggressive enforcement stance.