Jane Fraser, a longtime Citigroup executive, will be the first female CEO of a major Wall Street bank. She succeeds Michael Corbat, who had held the post for eight years.

Citigroup named Hassan to the new role as part of a move to combine its marketing and branding divisions.

The central bank said it had miscalculated the loss rates for certain public welfare investments, which led to incorrect capital requirements for the two companies.

Why PayPal just deposited $50 million in tiny Optus Bank; ex-Bank of America employees allege 'extreme pressure' to sell credit cards; the Citi snafu may bring fresh scrutiny to custodial banks; and more from this week's most-read stories.

The bank — which said it has been upgrading its loan operations platform after a review it undertook last year — said it mistakenly transmitted the payments after an employee didn't manually select the correct system options in its loan operation software.

As their employees continue to navigate the challenges of balancing work and home life during a pandemic, banks are pitching in to offer everything from child care reimbursement to nanny placement to tutoring services.

Citigroup Chief Executive Michael Corbat said banks should start breaking off from clients who don't acknowledge the need to reduce their carbon emissions — even as he pledged support for the fossil-fuel industry.

Citigroup scored court orders freezing almost half of the more than $900 million it says was accidentally sent to Revlon lenders this month.

The company has now filed three lawsuits in its bid to recoup nearly $900 million it inadvertently sent to the cosmetic company's creditors.

Vanessa Colella, innovation chief at Citi, says remote working has had a democratizing effect. She also touches on the types of technology Citi has been incubating, the startups it’s investing in and her efforts at fostering a culture of generosity.