The company is considering whether to cut 51 roles across its wealth business in London as the division's new chief looks for ways to boost the returns generated by the unit, according to a memo to staff seen by Bloomberg

An increase in deposits in recent months is prompting banks to seek out high-quality fixed-income assets to deploy money, market watchers say. The return of Wall Street buyers has pushed spreads well below year-end levels, jump-starting CLO creation and ginning up demand for loans.

The megabank failed to adequately protect and reimburse customers who were victims of wire-transfer fraud, according to a lawsuit by the New York Attorney General. Citi said that it follows all relevant laws and regulations.

The bank didn't unveil any new climate commitments, but mapped out the changes it sees as necessary to decarbonize the heavy-emitting industries it still finances.

As companies downsize and restructure, American Banker is tracking these decisions to help our readers understand how their industries are adapting.

Financial institutions, led by the biggest U.S. banks and regional lenders, have dominated high-grade issuance, making up over 60% of the $149 billion that has priced so far this month.

Now that leveraged loan markets have calmed down — and interest rate cuts are on the horizon — investment banks want to get some of the business back.

Jane Fraser says this year will be "critical" for the megabank, which is engaged in a massive, multiyear restructuring that involves cutting 20,000 jobs by the end of 2026.

In 2023, the four giant banks raked in $253 billion in NII , about $80 billion higher than 2021's total. Now, most banks see rate cuts coming, all while they have to pay more on deposits or risk losing customer savings to higher-yielding options. 

Ultimately, firmwide headcount will decline by 60,000 jobs to 180,000 by the end of 2026, Chief Financial Officer Mark Mason said.

Fraser and Chief Financial Officer Mark Mason are under pressure to show that, after repeated attempts by predecessors to restore investors' faith in the New York-based company following the 2008 global financial crisis, this time will be different.

Citigroup recorded a $1.3 billion reserve build tied to its exposure in Argentina and Russia, it said in a filing.

After being undercapitalized for decades, some minority-led banks finally got large capital infusions in the wake of George Floyd's murder. But higher interest rates have made it harder for them to gather the deposits they need to boost lending substantially.

Executives at America's largest banks are making rosier predictions about the financial health of U.S. households than they were a year ago, when their forecasts proved to be overly pessimistic.

JPMorgan Chase and Citigroup were among the banks that voluntarily reported new information this year about the impact of their operations on climate change. The additional disclosures came in advance of new regulations that are expected in 2024 from the Securities and Exchange Commission.

Despite tougher economic conditions, BNPL lenders are driving growth by expanding to new audiences and checkout channels, as well as fine-tuning proprietary risk-management models.

Of the 11 women on our list, only one – Citi's Jane Fraser – leads one of the U.S.'s 50 largest banks.