Citigroup

Capital

Big banks get Fed's blessing to extend leverage amid market stress

The change — effective immediately — will reduce capital demands by about 2% overall, the Fed estimated, and will be open for a 45-day comment period.

April 2

With this week's revision on liquidity rules, banks such as JPMorgan Chase will be allowed to function as giant custody banks like Bank of New York Mellon and State Street.

Coronavirus

Citi, Wells Fargo, Morgan Stanley join EU banks in pausing job cuts

Thousands of bankers are set for a reprieve as Citigroup, Wells Fargo and Morgan Stanley joined European lenders in pledging to preserve jobs amid the widespread impact of the coronavirus.

March 27

Signage is displayed in the window of a Citigroup bank branch in New York.

Mortgages

Big banks offer relief to California homeowners affected by COVID-19

JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with 200 state-chartered banks and credit unions, have agreed to let borrowers skip payments for 90 days if their finances have been upended by the pandemic.

By Laura Alix

March 25

California Gov. Gavin Newsom said he is also asking banks and credit unions to waive ATM and overdraft fees for struggling customers.

Branch network

Citigroup to close about 100 branches, cites declining foot traffic

It joins a growing list of banks temporarily shuttering branches as the novel coronavirus continues to spread across the country and more Americans stay home. Meanwhile, Citi and rival Wells Fargo became the latest banks to announce plans to pay bonuses to front-line employees.

By Allissa Kline

March 24

Credit cards

Citi hires card execs from Chase, Apple Card and Amex

Citi is beefing up leadership in its consumer card lending operations by recruiting Chase exec Pam Habner — credited with engineering the success of Chase’s Sapphire Reserve card — and former Citi exec Chris Fred, who will return after several months of working at Goldman Sachs on Apple Card products.

By Kate Fitzgerald

March 24

Work from home

JPMorgan, Citi tell employees who can work from home to do so

JPMorgan Chase and Citigroup told employees if they can work from home to begin doing so this week, escalating efforts to prevent the deadly coronavirus from spreading among staff.

March 16

Buybacks

Eight giant U.S. banks to suspend stock buybacks through June

The banks — including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup — agreed to stop buying back their own shares through the second quarter, saying they will focus on supporting clients and the nation during the coronavirus pandemic.

March 15

Stress tests

Banks eager for Fed stress test to prove they can weather virus

The biggest U.S. banks are once again preparing to show how they'll be able to withstand a severe economic shock in a hypothetical doomsday scenario, and they're eager to get on with it as a real one unfolds.

March 13

Succession planning

HSBC sounded out ex-Citi banker Forese for CEO position

HSBC sounded out former Citigroup banker James Forese to gauge his interest in the chief executive officer's post, at least the third high-profile outside financier to be approached.

March 13

Investment banking

Banks urgently pitch investors on lending to needy companies

Investment bankers have are trying to drum up interest from investment firms and hedge funds to provide tens of billions of dollars in financing to companies in industries upended by the coronavirus.

March 13